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Online Meeting between Ms. Ono, Director General of Economic Affairs Bureau, Ministry of Foreign Affairs of Japan, and Mr. Joseph McMonigle, Secretary-General, International Energy Forum.

November 22, 2021

 On November 22, Ms. ONO Hikariko, Director General of Economic Affairs Bureau, held an online meeting with Mr. Joseph McMonigle, Secretary-General of the International Energy Forum (IEF).

  1. This meeting was carried out as part of efforts to strengthen cooperation with related international organizations in response to the surge of crude oil prices. At the outset, Ms. Ono expressed concern over the rapid surge in crude oil prices, which could hamper the global economic recovery from COVID-19. She stated that Japan is engaged in dialogues with oil-producing countries and would like to work closely with the IEF, which plays a central role in promoting dialogue between oil-producing countries and consuming countries.
  2. In his response, Mr. McMonigle mentioned that the IEF is closely monitoring the trends in the energy market, including those of crude oil, and expressed concern about the under investment in hydrocarbon supplies to meet demand and foster economic growth. He added that the IEF continues to hold dialogues with oil- producing countries, and mentioned that agency forecasts suggest a supply surplus in the first quarter of 2022. He stated that the IEF will continue to work with member countries to promote dialogue between producers and consumers in order to stabilize the market.
     He also mentioned that in addition to promoting decarbonization efforts, it is important to continue to invest in the development of natural resources such as crude oil and natural gas in order to ensure a stable energy supply.
  3. The two sides agreed to further strengthen mutual cooperation in order to stabilize energy market.

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