TOKYO –
Japan is expected to achieve a 100% alternative crude oil procurement rate by July, following government efforts to diversify import sources in response to the effective closure of the Strait of Hormuz, government officials said.
The government has expanded crude oil procurement beyond the Middle East, increasing imports from the United States, Central and South America, Central Asia, and other regions.
Japan had previously relied on the Strait of Hormuz for more than 90% of its crude oil imports. However, according to government officials, diversification measures have progressed to the point where all crude oil imports can be sourced through routes that do not pass through the strait beginning next month.
The government also expects that by utilizing national petroleum stockpiles, it will be able to maintain a stable supply of oil through the end of March 2028.
Prime Minister Sanae Takaichi is scheduled to report the latest situation at a meeting of relevant ministers on Middle East affairs later on June 11.
In addition, ahead of the G7 summit in France next week, Takaichi is coordinating proposals aimed at stabilizing global crude oil markets. The proposals are expected to include opposition to unfair export restrictions, support for strengthening petroleum stockpiles in Asia and other regions, and a third measure related to international energy security cooperation.
Source: TBS
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