Japan will be permitted to request emergency crude oil supplies from Saudi Arabia as part of a new agreement expected to be signed by the two countries
Under the agreement, a telephone hotline would be set up between the two governments, allowing Japan to quickly seek additional oil supplies in the event of extraordinary circumstances such as a spike in the price of oil, according to Japan's Nikkei.
Toshimitsu Motegi, Japanese economy, trade and industry minister, is expected to sign the pact during an imminent visit to Saudi Arabia.
The amount of oil which could be sought by Japan has not, however, been disclosed, Nikkei reported.
The deal would represent a significant increase in co-operation between Japan, which is one of the world’s largest oil importers, and Saudi Arabia, which has been listed as the top producer in the Organisation of the Petroleum Exporting Countries (OPEC).
Japan has grown increasingly reliant on fossil fuels since the Fukushima nuclear disaster, which resulted in the shutting down of most of the country’s nuclear power plants.
