Tokyo, May 1: Japan has purchased a shipment of oil from Russia, marking the first such transaction since February 2022. This move comes as Japan seeks to stabilize its oil supply amidst ongoing tensions in the Hormuz Strait.
Over 90% of Japan’s crude oil needs are met through imports from West Asia, with a significant portion passing through the Hormuz Strait. To maintain domestic supply stability, Japan is also utilizing its national oil reserves.
The oil purchased from Russia is being transported by the tanker named ‘Voyager.’ According to the Russian state news agency TASS, this tanker is expected to arrive at the Kikuma port on Shikoku Island on May 3.
This Oman-flagged tanker will deliver the oil to the Taiyo Oil refinery located on Shikoku Island. A representative from Taiyo Oil stated to TASS, “The oil being purchased is of the Sakhalin Blend grade. We are collaborating with the Japanese government on this matter.”
Meanwhile, the Japanese government announced on Friday that it has begun releasing additional oil from its national reserves. This amount is equivalent to approximately 20 days of the country’s consumption and is being drawn from oil reserve centers in Ibaraki Prefecture.
According to Kyodo News Agency, a total of 5.8 million kiloliters of oil will be released in phases from 10 centers across the country.
Prime Minister Sana Takaiichi indicated that Japan expects to meet about 60% of its crude oil needs for May through routes that do not pass through the Hormuz Strait. She had previously held a ministerial meeting on April 25 regarding the situation in West Asia, stating that Japan will now also source oil from Central Asia, Latin America, and the Asia-Pacific region, in addition to the Middle East and the United States.
This decision by the Japanese government follows ongoing conflicts in West Asia. Previously, to stabilize energy supply, the government had released oil equivalent to around 50 days from state and other reserves.
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