Japanese Foreign Minister Yoshimasa Hayashi called on the United Arab Emirates on Monday to ramp up oil supplies to address a surge in oil prices stemming from the Russian invasion of Ukraine in a meeting with his UAE counterpart.
During the talks in Abu Dhabi, Hayashi told Sheikh Abdullah bin Zayed Al Nahyan that Japan is concerned by a recent spike in the oil market and hopes the UAE will play a role in stabilizing the market, the Japanese Foreign Ministry said.
"We are hoping for more crude oil supplies and contribution to market stabilization by ensuring production capacity," Hayashi told the UAE foreign minister, according to the Japanese ministry.
As a major oil exporter to Japan, the UAE minister expressed his intention to deepen coordination between the two countries, saying "the relationship with Japan as a strategic partner is unwavering," the ministry said.
Japanese Prime Minister Fumio Kishida earlier this month also asked the UAE to make "proactive contributions" to help stabilize crude oil markets when he held a phone call with Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed Al Nahyan.
The repeated calls underscore Japan's persistent worries about the impact of heftier oil costs at a delicate time when Tokyo is looking to bring the world's third largest economy back on a steady growth track after a sharp economic downturn caused by the coronavirus pandemic.
Since Russia's invasion of Ukraine, concerns over energy supplies from Russia, one of the world's major crude oil and natural gas producers, have sent crude oil prices sharply higher.
Among global benchmarks, West Texas Intermediate crude oil futures briefly rose past $130 per barrel to an over 13-year high in early March.
Stable oil procurement is vital for resource-scarce Japan, which relies on imports to meet almost all oil consumption. Oil supplies from the UAE account for about 30 percent of its overall imports.
In reference to Russian President Vladimir Putin's order to put his country's nuclear forces on high alert, the two ministers agreed that no threat or use of nuclear weapons should be tolerated and that they will closely work on disarmament and non-proliferation of such deadly arms.
The two also discussed China's growing military presence and North Korea's nuclear and missile programs and confirmed their cooperation on such issues.
China's military activities are expanding in the East and South China seas with more exercises with fighter jets and naval vessels, while North Korea has conducted a series of missile launches this year including recent launches that are believed to have involved tests of a new ICBM system.
The meeting in the UAE capital was part of Hayashi's four-day trip to Turkey and the UAE through Monday.
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