On June 13, Parliamentary Vice-Minister for Foreign Affairs Kei Takagi met with OPEC* Secretary General Al Geiss in Vienna, Austria.
During the meeting, they discussed the future energy market outlook, energy transition, the need for upstream investment in fossil fuels, and the importance of utilizing CO2 emission reduction technologies such as carbon dioxide (CO2) capture, utilization, and storage (CCUS).
Regarding the energy transition in particular, Parliamentary Secretary Takagi pointed out that while there is a common understanding that it is important to accelerate efforts toward the goal of achieving net zero emissions by 2050, it is also important to ensure access to affordable energy from a humanitarian perspective, and that the energy transition must be implemented in a way that does not undermine energy security. He also pointed out the need to implement energy transition in a way that does not undermine energy security. The G7 Summit Leaders' Statement at the G7 Hiroshima Summit, held May 19-21, clearly stated the importance of energy transition taking a variety of paths based on the circumstances of each country and region, which was an important achievement and confirmed the common understanding that this point is essential.
They also exchanged views on strengthening cooperation between the MOFA and OPEC, discussing the implementation of consultations at various levels and the importance of personnel exchanges between the public and private sectors; according to the June 14 Nihon Keizai Shimbun electronic edition, they also agreed to establish a new framework for high-level consultations between the two parties.
According to Japan's Ministry of Finance trade statistics, 85.6% of Japan's crude oil imports in 2022 will come from OPEC member countries. By region, the Middle East accounts for the largest share, and by country, Saudi Arabia ranks first, followed by the United Arab Emirates (UAE) and Kuwait.