Iran Energy News Oil, Gas, Petrochemical and Energy Field Specialized Channel
Related Articles
Japan asked the United Arab Emirates on Tuesday to make “proactive contributions” as a major oil producer to help stabilize surging crude oil prices triggered by Russia’s invasion of Ukraine, and the two agreed to work closely, Prime Minister Fumio Kishida has said.
After a phone call with Crown Prince Sheikh Mohamed bin Zayed Al Nahyan, Kishida told reporters that Japan and the UAE — a nonpermanent member of the U.N. Security Council — will also seek closer coordination in responding to the crisis in Ukraine.
The UAE is a member of OPEC and is a major exporter, along with Saudi Arabia, to resource-scarce Japan. This year marks the 50th anniversary of the establishment of diplomatic relations between the two countries.
“I asked for the UAE’s proactive contributions as an OPEC member,” Kishida told reporters after his roughly 15-minute call.
“The presence of the UAE is big when it comes to stabilizing global crude oil markets,” the prime minister said, without revealing whether he had asked for an output increase.
Russia is one of the world’s major producers of crude oil and natural gas, and the war in Ukraine has heightened geopolitical risks and supply concerns.
Surging prices for crude oil and other commodities have raised alarm among policymakers in Japan, which relies on foreign nations for energy. To mitigate the impact of higher fuel costs, the government has increased its subsidies for wholesalers to lower gasoline prices.
The aggression in Ukraine by Russia, a permanent member of the U.N. Security Council, has triggered international condemnation and a raft of economic and financial sanctions to hold Moscow accountable.
Kishida has said the “reckless” act by Russia has raised the need for a new framework for global order. He vowed at a ruling party convention Sunday that his administration will “make its utmost” effort to reform the U.N. Security Council.
The UAE abstained from a vote on a U.S.-led resolution condemning Russia’s invasion of Ukraine, along with China and India. Russia vetoed that resolution.
But the UAE did vote for a resolution by the U.N. General Assembly demanding Russia immediately end its military offensive in Ukraine.
