Tokyo, May 1: Japan has purchased a shipment of oil from Russia for the first time since February 2022. The move comes as Japan seeks to stabilize its domestic oil supply, which relies heavily on imports from West Asia, with over 90% of its crude oil coming through the Hormuz Strait.
The oil is being transported by a tanker named ‘Voyager’, which is expected to arrive at the Kikuma port on Shikoku Island on May 3, according to the Russian state news agency TASS. The Oman-flagged tanker will deliver the oil to the Taiyo Oil refinery located on the island.
A representative from Taiyo Oil stated that the oil being purchased is of the Sakhalin blend grade and that they are working closely with the Japanese government on this matter.
In a related development, the Japanese government announced on Friday that it has begun releasing additional oil from its national reserves, amounting to approximately 20 days’ worth of consumption. This oil is being released from storage centers in Ibaraki Prefecture.
According to Kyodo News Agency, a total of 5.8 million kiloliters of oil will be released in phases from ten 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 to discuss the situation in West Asia, noting 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, and it has previously released oil equivalent to about 50 days’ supply from state and other reserves to maintain energy stability.
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