“We want to significantly increase the joint stockpiles with the UAE,” Akazawa told reporters in Paris after finishing his Middle East tour. “The UAE has promised to replenish the crude oil already released and to expand the stockpiles further,” he added.
Crude oil from the UAE makes up about 40 per cent of Japan’s total crude oil imports. The UAE withdrew from the Organisation of the Petroleum Exporting Countries on Friday and plans to gradually raise production at its own discretion.
In his meeting with Jaber, Akazawa also asked the UAE to increase oil supplies to Japan steadily. He proposed cooperation on Japan’s plan to strengthen crude oil stockpiles across Asia, as well as future Japanese contributions, including financial support, to the development of alternative oil transport routes. Both sides agreed to work towards putting the proposals into effect.