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ECONOMY

METI sets up countermeasures headquarters with attacks against Saudi oil facilities

  • September 18, 2019
  • , Nikkei , p. 5
  • JMH Translation

On Sept. 17, the Ministry of Economy, Trade and Industry (METI) announced that it held the first meeting of its oil countermeasures headquarters with the partial halting of oil production in Saudi Arabia. The headquarters is closely monitoring trends and will consider coordinated release of oil reserves in collaboration with the International Energy Agency (IEA) as necessary.

 

The oil countermeasures headquarters (head: Minister of Economy, Trade and Industry Isshu Sugawara) was set up on Sept. 16. METI explained the reason for establishing the headquarters: “Saudi Arabia is a key partner for Japan in its oil imports, and a situation has arisen where production in that country is halted.” Japan imports 40% of its crude oil from Saudi Arabia, making it Japan’s largest source of oil. In principle, the release of reserves is done in coordination with IEA member countries.

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