Saudi Arabia, Japan seek oil market stability through dialogue

Minister of Energy Prince Abdulaziz bin Salman and Japan’s Minister of Economy, Trade and Industry Yasutoshi Nishimura underscored the significance of supporting the stability of global oil market by promoting dialogue and cooperation between producing and consuming countries.

During a meeting via video conference on Wednesday, the ministers affirmed that they will work to strengthen the bilateral relationship and cooperation between Saudi Arabia and Japan in the field of energy.

Prince Abdulaziz and Nishimura stressed the need to ensure the security of supplies for all energy sources in global markets, noting that the Kingdom will continue to be the most reliable partner and exporter of crude oil supplies to Japan.

The ministers highlighted the importance of the existing investments between the two countries, as well as their continuous cooperation in the fields of research and development.
They also stressed the need for dissemination of technology to enable the transition to clean energy systems, in particular the shift to renewable energy sources, new types of low-carbon fuels such as hydrogen/ammonia, and the use of carbon capture, utilization, and storage technologies.
Source: Saudi Gazette