The United Arab Emirates and Japan have agreed to promote cooperation aimed at securing a stable crude oil supply amid the closure of the Strait of Hormuz.
The United Arab Emirates and Japan agreed to promote cooperation to ensure a stable supply of crude oil.
The move responds directly to the continued closure of the Strait of Hormuz, a vital energy transportation route.
The agreement focuses on boosting joint oil stockpiles between the two nations.
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South Korea will import more than 6 million barrels of crude oil from the United Arab Emirates in an emergency move to stabilize fuel prices amid the escalating Middle East conflict. The presidential office announced the decision on Friday, stating it aims to ease domestic energy market pressures. Efforts to evacuate South Korean nationals from the region are also underway.
The Japanese government is weighing the use of part of its national oil reserves due to supply disruptions from the Iran crisis. Kyodo News reported on Friday that the Strait of Hormuz is effectively closed, affecting imports. Officials plan to monitor the situation and possibly coordinate with other countries.
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Japan will procure crude oil from Russia for the first time since U.S.-Israeli strikes on Iran in February closed the Strait of Hormuz. A tanker carrying oil from Russia's Sakhalin-2 project is heading to the country, a trade ministry official said Saturday. Resource-poor Japan aims to diversify away from Middle East imports.
The Japanese government plans to sell crude oil from national reserves at prices from before the Iran war. Officials expect refiners buying at these low prices will not then sell their products at higher rates to pocket extra profits.
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Germany, France, the UK, Italy, the Netherlands, Canada, and Japan have released a joint letter condemning Iran's recent attacks on commercial vessels and infrastructure in the Gulf, as well as the de facto closure of the Strait of Hormuz. The statement expresses deep concern over the escalating conflict and calls on Iran to cease such activities. It also signals readiness to contribute to efforts ensuring safe passage through the strait.
U.S. President Donald Trump praised Japanese politician Sanae Takaichi ahead of a US-Japan summit, highlighting Japan's 'stepping up to the plate' on Iran by joining a European-led joint statement on securing the Strait of Hormuz.
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South Korea is in close talks with Iran and other countries to normalize passage through the Strait of Hormuz after Tehran offered to allow Japan-bound vessels amid the Middle East crisis. A foreign ministry official said the government is actively communicating with relevant nations while monitoring the situation.