Japan and South Korea Deepen Oil Ties as Hormuz Crisis Bites

The prime ministers of Japan and South Korea have agreed to boost oil supply cooperation, which would involve joint storage, Nikkei reported today, ahead of a meeting between the top officials in South Korea. The two will discuss the financial and technical details of the joint storage system, the report said. Both Japan and South Korea are heavily dependent on oil and gas imports from the Persian Gulf and, as a result, have been affected badly by the Strait of Hormuz closure and are actively seeking supply replacement. The meeting between Sanae…