Japan, UAE agree to hold talks on expanded oil supply and joint stockpiles
A tanker is moored at the Shirashima National Petroleum Stockpiling Base in Kitakyushu, southwestern Japan, March 27, 2026, as the Japanese government started releasing state-held oil to stabilize supplies, amid the U.S.-Israel conflict with Iran, in this photo taken by Kyodo. Mandatory credit Kyodo/via REUTERS
TOKYO, May 7 : Tokyo agreed with the United Arab Emirates in ministerial talks this week to advance discussions on energy cooperation, such as expanding joint crude oil stockpiles in Japan and increasing UAE crude supplies, Japan's industry ministry said on Thursday.
Details such as the volume of additional stockpiles and extra UAE supplies will be discussed later, Narumi Hosokawa, deputy director-general for immediate crisis management at the Ministry of Economy, Trade and Industry (METI), told reporters.
• Japan's Economy, Trade and Industry Minister Ryosei Akazawa visited Saudi Arabia and the UAE from May 4 to May 5 for talks on strengthening energy security and stable supplies.
• On May 5, Akazawa met ADNOC CEO Sultan Al Jaber, who is also industry and advanced technology minister, and proposed expanding stable crude and product supplies, rapidly replenishing and boosting joint reserves in Japan as well as oil stockpiles across Asia, while joining hands to restore and expand crude output and transport capacity, including alternative routes.
• The ministers agreed to advance discussions on all proposals and reaffirmed closer ties to strengthen energy resilience.
• Hosokawa declined to comment on a Nikkei report that Japan will procure an additional 20 million barrels of oil from the UAE, saying details would be discussed later.
• Tokyo holds joint oil reserves in Japan with oil-producing countries, including the UAE and Saudi Arabia.
• Akazawa also met Saudi Foreign Minister Prince Faisal bin Farhan, with both sides agreeing to boost ties on energy resilience, METI said, without giving specifics.
• While a Japanese company recently procured Russian crude from the Sakhalin-2 project, Japan has not changed its policy of support for Ukraine and sanctions imposed on Russia in coordination with the international community, including the G7, Hosokawa said.
• Diversifying supply sources is essential for Japan's energy security, and Sakhalin-2 remains an important source, he said, adding that the crude procurement was in response to the Middle East crisis.
