Saudi-Japan Energy Dialogue on Global Oil Markets

Saudi Arabia and Japan emphasized the necessity to bolster stable global oil markets and ensure a secure global energy supply by fostering communication between oil producers and consumers. This declaration was made by Saudi Energy Minister Prince Abdulaziz bin Salman and Japan’s Minister of Economy, Trade and Industry Ken Saito during the 2nd KSA-Japan Energy Dialogue in Riyadh on Sunday.

The ministers acknowledged Saudi Arabia as the primary oil supplier and a reliable partner of Japan. They committed to further enhance bilateral relationships, supporting global endeavors for net-zero and collaboration under the Lighthouse initiative. Both parties also concurred on the significance of adopting diverse pathways, aligned with national circumstances, toward achieving net-zero while concurrently addressing energy security and economic growth.

The energy dialogue ensued the establishment of the KSA-Japan Lighthouse Initiative for Clean Energy Cooperation, disclosed during the bilateral meeting between Crown Prince and Prime Minister Mohammed bin Salman and Japanese Prime Minister Kishido Fumio on July 16 in Jeddah.

During the dialogue, the ministers assessed the advancements of the Lighthouse Initiative, encompassing crucial sectors such as hydrogen and ammonia, e-fuels, Circular Carbon Economy/Carbon Recycling, essential minerals for the energy sector and supply chain resilience, sustainable cutting-edge materials, and research and knowledge exchange.