Japan Shifts 100% of July Oil Imports Off Hormuz as US Crude Shipments Jump 10-Fold
Updated
Updated · Bloomberg · Jun 11
Japan Shifts 100% of July Oil Imports Off Hormuz as US Crude Shipments Jump 10-Fold
3 articles · Updated · Bloomberg · Jun 11
Summary
Japan expects 100% of its July crude imports to come from routes that avoid the Strait of Hormuz, Prime Minister Sanae Takaichi said at a Thursday cabinet meeting.
Takaichi said the shift is meant to diversify supplies for the resource-poor nation and secure fuel ahead of the hot summer months, when energy demand typically rises.
US crude is set to play a larger role, with imports from the United States expected to increase more than tenfold from a year earlier.
The move underscores Japan's push to reduce exposure to a key Middle East chokepoint by replacing average monthly volumes with alternative sources.