TOKYO, Mar 25 : Japan and the United States are exploring joint oil development and strategic stockpiling to safeguard supplies to Asia, as disruptions in the Strait of Hormuz heighten energy security concerns amid the escalating Middle East crisis.
Japanese Foreign Minister Toshimitsu Motegi said the discussions included sourcing oil from Alaska, building reserves in Japan and supplying them to Southeast Asian nations to stabilise regional energy flows.
“During the recent visit to the US, we discussed the possibility of joint development, including oil from Alaska, creating stockpiles in Japan, and using them for supply to Southeast Asian countries,” Motegi said.
The minister added that such an approach could help provide energy resources not only to Japan but also to other countries in the region amid instability in the Middle East.
Ryosei Akazawa, Japanese minister of state for economy, trade and industry, earlier declined to confirm whether a joint reserve project with the US would be discussed between the two countries’ leaders.
Japan depends on Middle Eastern countries for 94% of its oil supplies, with almost all shipments passing through the Strait of Hormuz, where shipping has virtually halted. Starting March 16, Japan is releasing 80 million barrels of oil, an amount equivalent to 45 days of the country’s oil supply.
On February 28, the United States and Israel launched strikes on targets in Iran, including in Tehran, causing damage and civilian casualties. Iran responded by striking Israeli territory and US military facilities in the Middle East. (UNI)
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