17:17 - 7.10.2026

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October 7, Fineko/abc.az. At the October 8 Ministerial Meeting of the Asian Zero Emissions Community (AZEC) in the Philippines, Saudi Arabia and the UAE are expected to announce their readiness to help Asian countries increase their oil reserves, Japanese edition Nikkei informs.

Speech is about expanding oil exports to individual countries and guaranteeing priority supplies in case of crises. Such a mechanism will allow exporters to continue supplies from Asian storage facilities even when key routes from the Middle East, including the Strait of Hormuz, are blocked.

As an example, Nikkei cites Japan, which provides oil reservoirs to its Middle Eastern suppliers. In case of an emergency, Japan gets the priority right to buy back the oil stored there.