Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Japan Not Seeking Emergency Access to Saudi Oil, Minister Says

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.

To contact the reporter on this story: Wael Mahdi in Manama at wmahdi@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.