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Japan calls for increasing oil supplies amid fears of destabilisation over Gaza war

October 20, 2023 at 8:49 am

Civil defense teams and residents launch a search and rescue operation around the buildings that were destroyed after the Israeli airstrikes in Deir al-Balah, Gaza on October 19, 2023. [Ashraf Amra – Anadolu Agency]

Japan has called on Saudi Arabia and other oil producing nations to increase their output of crude oil supplies in order to stabilise the global oil market, as the Israeli bombardment of Gaza reportedly threatens to increase prices and destabilise the market.

At a press conference yesterday, Japan’s Chief Cabinet Secretary Hirokazu Matsuno announced that “the Government of Japan will urge oil-producing countries to stabilise the global crude oil market by increasing production and investing in production capacity”, adding that it asked Saudi Arabia especially “to produce more petroleum so that there will be a contribution to the stability of the international crude oil market.”

Japan’s request comes amid widespread concerns that Israel’s bombardment of the besieged Gaza Strip will severely destabilise the market and subsequently the global economy.

Read: Israel-Palestine war might create risks at energy supplies, expert says