11:46 - 18.03.2026

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March 18, Fineko/abc.az. The U.S. and Japanese authorities are discussing the creation of joint oil reserves on Japanese territory, which will be replenished with supplies from American fields. Such an agreement may be announced during a meeting between Japanese PM Sanae Takaichi and U.S. President Donald Trump in Washington on March 19.

ABC.AZ informs, referring to Japan’s newspaper Yomiuri, that the project will be financed from investments for $550 billion, which Tokyo had previously promised to implement in the U.S. The amount of Japanese investments in the creation of joint oil reserves is planned to be agreed upon during further consultations.

According to Yomiuri, joint reserves can be formed by importing oil from fields in Alaska. Thus, Tokyo expects to diversify supplies amid the ongoing crisis in the Middle East. Currently, Japan receives more than 90% of its oil consumption from there, while only 1.9% comes from the U.S.

On March 16, Japan began selling off part of its strategic oil reserves due to supply disruptions after the US and Israeli strikes on Iran. A volume covering 45 days of consumption will be brought to the market at discounted prices. The country has enough total reserves for nearly eight months.