JAPANESE Prime Minister Sanae Takaichi plans to propose three principles aimed at strengthening global energy security at next week’s Group of Seven summit in France as renewed tensions in the Middle East raise concerns about oil supplies, a government source said Thursday.
The three principles comprise maintaining free and transparent energy trade, supporting larger strategic oil reserves and promoting closer cooperation between oil-producing and oil-consuming countries, according to the source.
Japan hopes the initiative will help build a shared understanding among G7 leaders on the need to safeguard energy supplies amid increasing geopolitical risks.
The proposal is also intended to expand international support for the Partnership on Wide Energy and Resources Resilience Asia, a Japanese-led financing framework designed to help Asian countries secure stable oil supplies. — Kyodo
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