As crude oil prices remained high due to Russia's military invasion of Ukraine, Minister of Economy, Trade and Industry Hagita met with the Minister of Economy, Trade and Industry of Kuwait, an oil-producing country, and agreed to cooperate to increase the production capacity of Kuwait.
Minister of Economy, Trade and Industry Hagita met online with Minister of Petroleum Farris of Kuwait, an oil-producing country in the Middle East, on the afternoon of the 31st.
In this, Minister Hagiuda said, "As an oil-producing country, I would like you to continue to make efforts to stabilize the international crude oil market."
In response, Minister of Petroleum Farris said, "We will play a solid role in achieving a stable international supply," and agreed to cooperate to increase Kuwait's production capacity.
At the meeting, a government-affiliated insurance company, Nippon Export and Investment Insurance, and Kuwait's state-owned oil company signed a memorandum of understanding, and it was agreed that Japanese financial institutions would finance the introduction of oil production facilities.
According to the Agency for Natural Resources and Energy, Kuwait's share of Japan's crude oil imports was 8.4% last year, second only to Saudi Arabia and the UAE = United Arab Emirates.
The government intends to reduce energy dependence on Russia in line with the policies of the G7 = seven major countries, and hopes to deepen cooperation with Kuwait and strengthen energy security.