Feb. 10 (Bloomberg) -- Japan isn’t seeking an agreement with Saudi Arabia to raise production if it makes an emergency request for oil supply, Japanese Trade Minister Toshimitsu Motegi told reporters in Abu Dhabi today.
Motegi comments came two days after Nikkei newspaper reported that the Japanese minister visited the kingdom to sign an agreement to secure future oil supply to limit shocks to Japanese economy as Saudi Arabian exports may decline on growing local consumption.
“At the moment there is no concern whatsoever that Japan is undersupplied in terms of oil,” Motegi said, adding that his meeting with Saudis was not to ask “for any specific request for an increase of production or supply.”
Japan’s Motegi met yesterday in Riyadh with Saudi deputy oil minister Prince Abdulaziz bin Salman. Both Japan and Saudi Arabia “agreed that petroleum market is stable” and supplies are “sufficient” to meet current global demand, the ministry said in a statement issued following the meeting and carried by Saudi Press Agency.
Saudi Arabian Oil Co., the world’s largest crude oil exporter known as Saudi Aramco, has the capacity to position more than four million barrels of crude oil in storage tanks on Okinawa, Chief Executive Officer Khalid Al-Falih said May last year.
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