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INTERNATIONAL > Ukraine Crisis

Japan to support increase in output of oil producing countries

  • April 2, 2022
  • , Asahi
  • JMH Summary

Saturday’s Asahi wrote that the following the Russian invasion of Ukraine, the GOJ is planning to suspend its policy of curbing investment in fossil fuel projects abroad and instead offer financial and other support to petroleum producing nations so they can ramp up their output even at the risk of slowing down global decarbonization. During a teleconference with the Kuwaiti oil minister on Thursday, Minister for Trade and Industry Hagiuda urged the Middle East country to increase its petroleum production by pledging financial incentives. The paper speculated that Tokyo is likely to prioritize securing energy supplies over promoting decarbonization for the foreseeable future in view of the increase in oil and natural gas prices, quoting the cabinet member as saying: “The international energy situation has changed drastically. We need to seek alternative energy sources while sensibly utilizing coal and petroleum for the time being.”

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