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ECONOMY > Energy

Japan asked UAE to boost crude oil output: minister

  • October 26, 2021
  • , Jiji Press , 5:17 p.m.
  • English Press

Tokyo, Oct. 26 (Jiji Press)–Japan has asked the United Arab Emirates to increase its crude oil production in response to soaring prices, industry minister Koichi Hagiuda said Tuesday.

 

“We will assess the impact on domestic industries by monitoring crude oil price trends and the domestic (price) situation for petroleum products,” Hagiuda told a press conference.

 

If the impact from surging crude oil prices spreads to small and midsize businesses, the ministry would create a consultation service and consider financing support, he said.

 

Hagiuda said he held a videoconference with the UAE minister in charge on Monday and that he is arranging to make a similar request to Saudi Arabia.

 

Also at the press conference, Hagiuda said he believes that it would not be appropriate to lift the suspension of a clause calling for a cut in gasoline taxes when gasoline prices continue to soar for a certain period.

 

Doing so would cause various problems, including confusing distribution systems and hurting central and local government finances, he said.

 

The clause, introduced by the administration of the now-defunct Democratic Party of Japan, has been suspended in order to secure funds for reconstruction programs in areas damaged in the March 2011 earthquake and tsunami.

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