- Japan’s Foreign Minister Koichiro Gemba is making an effort to increase oil shipments from the UAE.
Japanese foreign minister Koichiro Gemba is touring Turkey and the Gulf states in a bid to shore up Japan’s oil sources in the event of tighter sanctions against Iran. Japan is apparently attempting to cut back its oil imports from Iran in an effort to gain a waiver from U.S. sanctions against Iran. Japan imports around 25 percent of its oil from the UAE, 30 percent from Saudi Arabia and around 10 percent from Qatar. Of course, if Iran blockades the Straits of Hormuz, increased UAE shipments will be a moot point as completion of the UAE’s auxiliary pipeline has been delayed.