Saudi Arabia and Japan underlined the need to support stable global oil markets and secure stable global energy supply by promoting dialogue between oil producers and consumers. This was stated by Saudi Energy Minister Prince Abdulaziz bin Salman and Japan’s Minister of Economy, Trade and Industry Ken Saito during the 2nd KSA-Japan Energy Dialogue in Riyadh on Sunday.

The ministers noted that Saudi Arabia has been the largest oil supplier and a trusted partner of Japan. They agreed to further expand bilateral relationships, in advancing global efforts toward net-zero and cooperation under the Lighthouse initiative. Both sides also shared their view over the importance of taking various pathways in line with national circumstances toward net-zero and simultaneously addressing energy security and economic growth.

The energy dialogue followed the establishment of the KSA-Japan Lighthouse Initiative for Clean Energy Cooperation which was announced during the bi-lateral meeting between Crown Prince and Prime Minister Mohammed bin Salman and Japanese Prime Minister Kishido Fumio on July 16 in Jeddah.

In the dialogue, the ministers reviewed the progress of the Lighthouse Initiative which covered key areas such as hydrogen and ammonia, e-fuels, Circular Carbon Economy/Carbon Recycling, critical minerals required for the energy sector and supply chain resilience, sustainable advanced materials, and research and knowledge exchange