Britain, Germany, and Japan are looking to the Middle East together, trying to stabilize the oil market

Britain, Germany, and Japan are all looking to the Middle East, trying to stabilize the oil market.

During his visit to Dubai, Japanese Foreign Minister Yoshimasa Hayashi asked the UAE to contribute to stabilizing the international oil market, by providing a larger amount of oil and ensuring production capacity as a leading member. of the Organization of the Petroleum Exporting Countries and Partners (OPEC+).

Foreign Minister Hayashi made the proposal during talks with his counterpart Abdullah bin Zayed Al Nahyan and Industry Minister Sultan Al Jaber.

Earlier, Japanese Prime Minister Kishida Fumio also made a similar move in phone calls with the leaders of the UAE and Saudi Arabia.

The UAE has not yet made a commitment to produce more oil. The country currently supplies about a third of Japan’s oil imports.

Meanwhile, British Prime Minister Boris Johnson also went to the UAE and Saudi Arabia with the goal of asking these countries to “pump” more oil to the market, in order to reduce the current high price – more than 100 USD/barrel, as well as ensure secure the supply of oil to the market, in the absence of Russia.

Speaking after a visit to Riyadh, British Prime Minister Boris Johnson stressed that proposals to increase oil production had fallen into “silence”.

The UAE appears to be more willing to produce more oil than Saudi Arabia, said Torbjorn Soltvedt, East and North Africa analyst at Verisk Maplecroft. .

On the same day, German Economy Minister Robert Habeck also signed a long-term energy agreement with Qatar as part of efforts to diversify energy supplies to the country.

Before that, Mr. Habeck also visited the UAE. Radio interview Deutschlandfunkthe German Economy Minister raised concerns about ensuring supply in the coming winter.

According to him, if there is no more gas supply next winter and if Russian supply is stopped, Germany will not have enough gas to heat and maintain all industries.

Analysts say that oil producers do not have the capacity to produce more to replace Russia’s exports, nor do they want to cause a rift with their OPEC + partner. Besides, oil producers are also concerned that if the entire oil reserve capacity is used up, it may cause market turmoil.