On 22 December, Japan’s Organization for Metals and Energy Security (JOGMEC) renewed its agreement with the Saudi Arabian company Aramco to maintain Toyko’s rights to store crude oil on the island for the next three years.

The cooperative agreement leases 13 national oil stockpile tanks on the Japanese island, granting Riyadh the right to store 1.3 million kiloliters of oil for the next three years, according to JOGMEC. 

In exchange for allowing Riyadh to store oil on Japan’s offshore island, Tokyo will receive a priority to claim oil stock on an emergency basis.

The lease has been in effect since 2010 and is typically renewed every three years.

During the second half of the year, the kingdom has strived to boost relations with regional and Far-Eastern countries following OPEC’s decision to cut its oil output, to the dismay of Washington.

Last month, Saudi Arabia’s Crown Prince Mohammed bin Salman (MbS) met with his South Korean counterpart, Yoon Suk-yeol, to sign an agreement valued at $30 billion to consolidate a strategic partnership with several Seoul-based companies.

MbS affirmed that he hopes the two countries can expand bilateral cooperation, noting that the kingdom is an integral partner for economic security, energy, and an exporter of oil.

Meanwhile, the South Korean president remarked that he aims to integrate national companies into Saudi Arabia’s $500 billion NEOM smart city project and expand nuclear energy cooperation.

In October, China’s Foreign Ministry conveyed its support to allow the gulf state to join the strategic alliance of growing economies known as BRICS (Brazil, Russia, India, China, and South Africa).

Experts suggest that Saudi Arabia’s eligibility is mainly accredited to being a founding member of OPEC and is one of the world’s largest exporters of crude oil.

On 9 December, Chinese President Xi Jinping stressed Saudi Arabia’s contribution to stabilizing the global oil markets, given the impact of the current energy crisis caused by the US and its partners’ sanctions on Russia over its military operation in Ukraine.

In response to MbS’ meeting with Xi, Washington described the Chinese leader’s visit to Saudi Arabia as an attempt to expand Beijing’s influence in the Global South.

On 9 December, Chinese President Xi Jinping stressed Saudi Arabia’s contribution to stabilizing the global oil markets, given the impact of the current energy crisis caused by the US and its allies’ sanctions on Russia over its military operation in Ukraine.

In response to Mohammed bin Salman’s meeting with Xi, Washington described the Chinese leader’s visit to Saudi Arabia as an attempt to expand Beijing’s influence in the Global South.