Japan Courts Saudi Arabia and UAE as Asia's Oil Supply Fears Persist

Japan plans to use the Asia Zero Emission Community (AZEC) meeting later this week to agree with other Asian countries on action plans to increase oil reserves in the region, Japanese Industry Minister Ryosei Akazawa, said on Tuesday. Resource-poor Japan, which needs to import almost all of the oil and gas it consumes, found itself scrambling for supply after the war in Iran trapped crude and LNG cargoes behind the Strait of Hormuz. The G7 economy’s Prime Minister, Sanae Takaichi, in April proposed a partnership with other Asian…