Saudi Arabia and Qatar are ready to supply Japan with more oil in the event of a shortage due to new sanctions imposed on Iran by the West, according to reports.

Saudi Arabia and Japan pledged to boost cooperation in the energy sector with a proposal to provide more oil to Tokyo in case of a shortage or supply disruptions following fresh sanctions imposed on Iran by the West, Arab News reported on Sunday without citing a source.

Japan has asked Saudi Arabia to provide more crude to replace any loss in shipments from Iran, the Saudi daily al-Watan reported on Sunday, citing a foreign ministry spokesman.

Foreign Minister Koichiro Gemba discussed security of oil supply and stability of oil prices during a visit to Riyadh on Saturday, the Saudi daily reported, citing deputy spokesman for Japan's foreign ministry Masaru Sato.

Gemba said in the Qatari capital Doha on Sunday that Qatar would supply Japan with 'the oil it needs.'

Iranian oil accounts for nearly 10 percent of Japan's crude imports and Tokyo is concerned that the new sanctions could drive up prices, dealing a blow to its economy.

Japan is weighing various ways of securing a waiver on new US sanctions against Iran, with reducing Iranian oil imports and dealings with its central bank possible options, government sources said last week.

Iran plans to increase daily crude oil exports to Japan to 240,000 barrels in 2012, Tehran Times said on Sunday, citing Mohsen Qamsari, head of international affairs at the state-owned National Iranian Oil Co – Reuters