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Breaking News:

U.S. Crude Oil, Gasoline Inventories Boom

Japan Discusses High Oil Prices With The UAE

Japan, a major importer of energy products, and the United Arab Emirates (UAE), one of OPEC's top producers, have agreed to cooperate in stabilizing the crude oil market, Japanese Prime Minister Fumio Kishida said on Tuesday.

"I talked with UAE (United Arab Emirates) Crown Prince Mohammed over the phone ... and agreed to cooperate to bring about stability in the international crude oil market," Reuters quoted Kishida as saying at a news conference.

Asked whether Japan has called on the UAE to raise oil production more than planned, the Japanese prime minister declined to comment. 

Japan has asked the UAE to make "proactive contributions" as a major oil producer amid surging energy prices, Kyodo News quoted Kishida as saying. 

On Tuesday, Kishida spoke over the phone with Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, with whom he discussed international issues, including the oil market.

"During the call, Sheikh Mohamed bin Zayed stressed the UAE's keenness to maintain energy security and stability of global markets in light of recent developments, as well his desire to strengthen relations with Japan, especially energy ties," Emirates news agency WAM reported

Last week, Japan said it was considering its options about Russian oil after the United States banned U.S. imports of energy from Russia, including oil, coal, and LNG.

"We'd like to work together with (other) Group of Seven nations and the international community to handle the matter, while considering a stable energy supply and security as the best interests of Japan," Kishida said back then.

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The UAE, for its part, was responsible for a lot of volatility in the oil market last week, after saying first it would encourage fellow OPEC members to boost their production above their agreed quotas, only to backtrack on these assurances a day later. UAE energy minister Suhail al Mazrouei said that "The UAE believes in the value OPEC+ brings to the oil market."

By Tsvetana Paraskova for Oilprice.com

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