Arab News Japan

TOKYO: Prime Minister TAKAICHI Sanae outlined the government’s strategy to secure energy supplies and support affected industries during the 10th Ministerial Meeting on the Situation in the Middle East on June 11.

Regarding crude oil procurement, Prime Minister Takaichi stated that diversification efforts have progressed. Beyond traditional Arab oil supplies, Japan, she said, has secured imports from Alaska, Canada, Mexico, Latin America, the Asia-Pacific region, Central Asia, and Africa. 

Despite these efforts, it remains uncertain whether Japan’s reliance on Arab oil—which currently exceeds 90 percent of Japan’s total imports —will decrease significantly.

Regarding national reserves, Takaichi announced that the government will not release petroleum reserves in July, as procurement volumes are expected to exceed demand. 

In the meeting, Minister of Economy, Trade and Industry AKAZAWA Ryosei confirmed that a stable petroleum supply is projected through March 2028. Takaichi directed Akazawa to monitor price trends and inventory levels across supply chains closely.

Furthermore, Takaichi instructed relevant ministers to address the needs of downstream businesses by eliminating bottlenecks and ensuring that financing support and employment subsidies effectively reach small and medium-sized enterprises.

Looking ahead to the G7 Summit in France, Takaichi stated, “As the representative of Asia, the region most significantly affected by the current situation in the Middle East, I intend to propose three initiatives that the G7 should lead to strengthen global energy security and crude oil market stability.”

Her proposals will focus on international cooperation to ensure stable energy supplies, oppose unjustified export restrictions, and maintain free, transparent trade and safe navigation through sea lanes, including the Strait of Hormuz. Additionally, she will call for strengthened petroleum stockpiling support in Asia and enhanced cooperation between energy-producing and energy-consuming nations.