Ministers of the International Energy Agency member states agreed Wednesday to cooperate on strengthening the security of natural gas supply for nations hit by the global energy crisis triggered by Russia's invasion of Ukraine, especially those in Europe.
Representatives of some 40 countries took part in a virtual extraordinary ministerial meeting to review the state of natural gas markets, which have seen the most severe price spikes and disruptions, according to the Paris-based agency.
Major energy exporter Russia has significantly reduced the volume of natural gas exports to Europe since the war in Ukraine began almost a year ago.
Japanese industry ministry officials predict that the supply situation could worsen next winter, considering Europe has had a relatively warm winter this season.
Also, since major liquefied natural gas importer China has abandoned its zero-COVID policy and opened up the economy, competition for gas supply could intensify further, they said.
Japan's Economy, Trade and Industry Minister Yasutoshi Nishimura told the meeting that this crisis is a global challenge that needs to be tackled on a long-term basis, rather than a short-term issue only affecting the European region.
As the host of this year's Group of Seven summit and a major player in the LNG market, Japan "would like to fulfill its responsibility for stable energy supply in the world," Nishimura said.
The participants also agreed on the necessity of a plan to reduce the risk associated with Russia's use of energy as a weapon of political coercion, as well as the importance of energy conservation and accelerating the world's transition to clean energy.
