Japan Asks Saudi Arabia for More Oil Supply

Japan's Prime Minister Sanae Takaichi requested Saudi Arabia's cooperation in expanding energy deliveries to Japan amid an ongoing supply crunch. In a telephone call with Saudi Arabia's Crown Prince Mohammed bin Salman, Takaichi expressed appreciation for Saudi Arabia's continued crude oil supply to Japan via Yanbu Port. Saudi Arabia's Crown Prince Mohammed bin Salman expressed his country's intention to respond positively to ensure energy supply to Japan. Japan is heavily dependent on Middle Eastern oil supply, with around 95% of its oil supply coming from the region. Japan has begun releasing oil stocks from national reserves as part of the IEA-coordinated release of 400 million barrels of oil and fuel. Japan is also seeking to diversify its crude oil imports, with plans to import 1 million barrels of Mexican crude in July.