Japan Urges Asia to Boost Oil Reserves Amid Middle East Supply Disruptions

Japan is urging Asian nations to build strategic petroleum reserves and strengthen energy infrastructure as Middle East supply risks mount. Speaking at the virtual International Energy Forum, Trade Minister Ryosei Akazawa emphasized energy security as the immediate priority, aiming to position Japan as a strategic bridge between Gulf producers and Asian consumers. Japan, which holds the world's third-largest strategic crude inventory at 263 million barrels, relies on the Strait of Hormuz for over 90% of its crude imports. The push follows a planned $10 billion POWERR Asia initiative and regional shifts toward emergency stockpiling.