Latest Search
Quote
| Back Zoom + Zoom - | ||||
|
Philippines and Vietnam Reportedly Seek Oil Support from Japan; Japan States Oil Reserves for Domestic Use Only
Recommend 4 Positive 3 Negative 3 |
||||
|
||||
|
Japan's Minister for Economic Revitalization, Akazawa Ryo, stated that Japan's release of strategic oil reserves will primarily supply domestic refiners, as the legal purpose of these reserves is to ensure Japan's own energy supply. However, for joint reserves held with oil-producing countries, the situation may differ. The government will closely monitor developments and make appropriate decisions based on specific circumstances. Due to the current blockade of the Strait of Hormuz, Japan has begun releasing oil stocks this month to alleviate supply tensions. Other Asian countries are also facing similar oil supply challenges, with reports indicating that the Philippines and Vietnam have sought support from Japan. Akazawa Ryo acknowledged the difficult situation in the Philippines, noting that its reserves are much smaller than Japan's and that, like Japan, it heavily relies on the Strait of Hormuz for oil. He stated that Asia is undoubtedly in a predicament, and maintaining the supply-demand balance in the Asian market is crucial not only for ensuring Japan's stable energy supply but also for maintaining and strengthening Japan's industrial supply chain. (mn/u) Auto-translated by third-party software This translation was auto-generated by third-party software. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
URL: www.aastocks.com |
||||
Copied to Clipboard
 |
||||
