Industry minister Ryosei Akazawa has called on countries and regions in Asia to diversify energy supply sources amid rising Middle East tensions.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n","protected":false},"excerpt":{"rendered":"Industry minister Ryosei Akazawa has called on countries and regions in Asia to diversify energy supply sources amid…\n","protected":false},"author":2,"featured_media":340465,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[114,1435,85,87,46,38087,18140,5839,166728,114994],"class_list":["post-340464","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-energy","tag-il","tag-iran","tag-israel","tag-lng","tag-meti","tag-oil","tag-ryosei-akazawa","tag-strait-of-hormuz"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/340464","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=340464"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/340464\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/340465"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=340464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=340464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=340464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}