The Middle East is swiftly accelerating efforts to mitigate disruptions in global crude supply in the wake of US-led sanctions on Russia, with the UAE alone securing 42 percent of Japan’s crude oil needs in July.
The UAE supplied as much as 33.99 million barrels of crude to Japan in July, according to the Tokyo-based Agency for Natural Resources and Energy.
Saudi Arabia came second, meeting 35.1 percent of the Japanese crude needs, or 28.47 million barrels.
The agency, part of the Japanese ministry of economy, trade and industry, said out of the 81.05 million barrels total crude imported by Japan in July, 79.17 million barrels – or 97.17 percent – were supplied by Arab countries.
Many of the European countries and the UK have also been in negotiations with the UAE, Saudi Arabia and other major oil producing countries in the Middle East to wrap up long-term increased supply agreements.
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