Industry minister Ryosei Akazawa has called on countries and regions in Asia to diversify energy supply sources amid rising Middle East tensions.
In an address at an Indo-Pacific Energy Security Ministerial and Business Forum meeting held in Tokyo on Saturday, Akazawa said that Asian nations and regions depend on imports for more than 80% of energy they use and that they have been hit hard by energy supply problems stemming from the ongoing conflict between U.S.-Israeli forces and Iran.
Crude oil prices are surging to fuel concerns over higher global inflation as the Strait of Hormuz, a critical oil shipping route for the world, has effectively been blocked due to the tense situation in the Middle East.
Relying too much on a single solution would lead to vulnerability, Akazawa said, adding that diversification has always been at the center of energy security in the Asia-Pacific region.
The energy security forum meeting, co-sponsored by the Japanese and U.S. governments, is slated to run until Sunday, bringing together cabinet ministers and business leaders from more than 10 countries.