India and Japan today agreed to deepen cooperation on strategic crude oil stockpiling, petroleum reserve mechanisms, and maritime energy transport value chains. It comes after annual summit-level talks between Prime Minister Narendra Modi and his Japanese counterpart Sanae Takaichi in New Delhi this afternoon. According to a joint statement issued by the Ministry of Petroleum and Natural Gas of India and Japan’s Ministry of Economy, Trade and Industry on Energy Resilience, both sides expressed their shared intention to work as responsible powers and major energy-consuming countries in Asia to strengthen energy resilience amid current geopolitical uncertainties.
The two sides agreed to cooperate on the strategic stockpiling ecosystem, including sharing knowledge and experience on crude oil and petroleum product reserves, coordination with producing countries, and mechanisms for emergency response and market stabilisation.
