Saudi Arabia and UAE Plan Asian Oil Storage Cooperation with Japan's Support

Saudi Arabia and the United Arab Emirates are planning a new framework for oil storage cooperation with Asian countries, with Japan playing a key role in providing financial and technical support. The initiative is expected to be discussed at a ministerial meeting of the Japan-led Asia Zero Emission Community in the Philippines on October 7.

The framework would allow participating countries to explore expanding their oil reserves in collaboration with the two Gulf producers. Details of the agreement will be determined through bilateral talks and could include increased oil exports or priority access to supplies during emergencies.

Japan already operates a joint stockpiling system where domestic storage facilities are leased to state-owned oil companies, including those from Saudi Arabia, ensuring access to stored crude during emergencies. The proposed framework is expected to be presented during a ministerial dialogue at the International Energy Forum in Saudi Arabia on October 11.