Saudi Arabia, UAE back Japan's Asia oil reserve plan

What happened: Saudi Arabia and the UAE joined a special session of the Asia Zero Emission Community in Manila, backing Japan's plan to strengthen oil stockpiling capacity in Asia. Why it matters: The framework could let buying countries negotiate bilateral supply arrangements with Middle Eastern producers, while Gulf suppliers gain by positioning crude closer to Asian customers. Officials cited disruptions at the Strait of Hormuz as reinforcing the need for collective preparedness.

Saudi Arabia and the UAE joined a special session of the Asia Zero Emission Community in Manila, backing Japan's plan to strengthen oil stockpiling capacity in Asia.

The framework could let buying countries negotiate bilateral supply arrangements with Middle Eastern producers, while Gulf suppliers gain by positioning crude closer to Asian customers. Officials cited disruptions at the Strait of Hormuz as reinforcing the need for collective preparedness.