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Japan to coordinate plans to boost Asia oil reserves at AZEC meeting

Japan, which imports almost all of its oil and gas, is seeking regional action after supply disruptions tied to the war in Iran.

Reported · Written up by our desk · Energy

Japan plans to use the Asia Zero Emission Community, or AZEC, meeting later this week to coordinate with other Asian countries on action plans to increase oil reserves in the region, Japanese Industry Minister Ryosei Akazawa said Tuesday, according to OilPrice.

Japan is described as resource-poor and needing to import almost all of the oil and gas it consumes, leaving it exposed when supply disruptions emerge.

OilPrice said Japan scrambled for supply after the war in Iran trapped crude and LNG, underscoring the motivation for the planned reserve-building coordination.

Latest closeWTI crude $89.70 ▼1.6%

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Sources

OilPriceJapan Courts Saudi Arabia and UAE as Asia's Oil Supply Fears Persist

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