Crude oil procured from the United States by Japanese oil distributor Cosmo Oil arrived in Japan on Sunday for the first time since the start of U.S. attacks on Iran in late February.The tanker carrying 910,000 barrels of U.S. crude oil arrived at its destination, an offshore jetty in Tokyo Bay, in the morning. However, this amount accounts for less than one day’s consumption in Japan.The tanker carrying 910,000 barrels of U.S. crude oil arrived at its destination, an offshore jetty in Tokyo Bay, in the morning. However, this amount accounts for less than one day’s consumption in Japan. The Japanese government is rushing to increase crude oil procurement from non-Middle Eastern suppliers amid the war in Iran and the blockage of the key Strait of Hormuz waterway.
The tanker departed from a port in Texas at the end of March and arrived in Japan via the Panama Canal.
The crude oil will be transported via an undersea pipeline connected to the jetty to the Chiba refinery of Cosmo Oil, a subsidiary of Cosmo Energy Holdings, where it will be refined into petroleum products such as gasoline and supplied to the market.
Japan, which relies on the Middle East for more than 90% of its crude oil imports, is facing an urgent need to ensure stable supplies amid the deteriorating situation in the Middle East.
Japan plans to increase imports from routes in the Middle East that bypass the Strait of Hormuz, as well as from North America, Central and South America, and Central Asia. Its procurement from the United States is expected to quadruple year on year in May.
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