Arab News Japan

TOKYO: The Japanese government on Feb. 23 urged the oil-producing countries to stabilize the oil market and cooperate with the International Energy Agency (IEA) and other relevant international organizations and major oil-consuming countries in light of the recent development between Russia and Ukraine.

A statement by the foreign ministry said the current global oil supply has not been cut off by the increasing tension in Ukraine, and the economic sanctions against Russia will not impede the energy supply and demand.

Japan is currently holding approximately 240 days’ worth of oil reserves, including both national and private reserves. In addition, electric power companies and gas companies have sufficient LNG reserves to meet their needs for two to three weeks.

In response to the severe gas supply situation in Europe following the increasingly tense situation in Ukraine, Japan has been diverting surplus LNG handled by Japanese corporations to Europe from the standpoint of demonstrating solidarity with allies and like-minded countries that share the fundamental values.

 “We believe that there is no concern that this situation would immediately cause a major disruption to the stable supply of energy in Japan,” the ministry said.

The oil price is in a further upward trend, and stabilization of the oil market is crucial for the stability of the global and Japanese economies, the ministry said.