Ryosei Akazawa, Japan's Minister of Economy, Trade and Industry, who is visiting France after passing through the Middle East, held a press conference there on the 5th (local time) and said, "We have received confirmation from the UAE for additional crude oil supply."

Ryosei Akazawa, Japan's Minister of Economy, Trade and Industry [AFP Yonhap News File Photo]

According to the Yomiuri Shimbun and Kyodo News on the 6th, Minister Akazawa stated this after visiting Saudi Arabia and the UAE on the 4th-5th.

In particular, he said that during a meeting with Suhail Al Mazrouei, UAE Minister of Energy and Industry, he requested and received confirmation for additional crude oil supply, adding, "I cannot disclose specific details such as the exact quantity."

The Nikkei reported that an agreement has been reached for an additional 20 million barrels of crude oil to be procured from the UAE.

Nikkei stated that Japan's crude oil demand was 2.36 million barrels per day as of last year, and the additional supply from the UAE corresponds to 8-9 days of supply based on simple calculation.

Kyodo News reported that Japan also requested an expansion of the jointly held strategic petroleum reserves stored in Japan by UAE oil companies and received confirmation for this.

The UAE accounts for about 40% of Japan's crude oil imports and withdrew from the Organization of the Petroleum Exporting Countries (OPEC) on the 1st.

Minister Akazawa's explanation regarding his meeting with Saudi Arabia, Japan's second-largest crude oil import country after the UAE, was limited to a general statement about agreeing to cooperation between the two countries to further strengthen the energy supply system.

However, the Yomiuri Shimbun reported that Japan plans to hold another online meeting with Saudi Arabia on the 7th to demand a stable supply of crude oil.