Japan buys Russian oil amid Strait of Hormuz supply concerns

Tokyo, May 1 (SocialNews.XYZ) Japan purchased a shipment of Russian oil on Friday, which is the first purchase since February 2022.

Japan relies on West Asia for over 90 per cent of its crude oil imports, the majority of which pass through the Strait of Hormuz, and has been releasing its national oil reserves to stabilise domestic supply.

The oil purchased from Russia, carried by the oil tanker Voyager, is expected to arrive at the port of Kikuma on Shikoku Island on May 3, according to the Russian state-owned news agency TASS.

The Omani-flagged tanker is delivering the oil to Taiyo Oil’s refinery, which is located on Shikoku Island.

"The oil grade being purchased is Sakhalin Blend. We are working closely with the Japanese government on this matter," a representative of Taiyo Oil told TASS, referring to the purchase.

Meanwhile, the Japanese government announced on Friday that it has initiated additional releases of national oil reserves, equivalent to approximately 20 days of domestic consumption, from oil bases in Ibaraki Prefecture.

A total of 10 bases nationwide will release 5.8 million kilolitres in sequential releases, Kyodo News Agency reported.

Japan expects to secure around 60 per cent of its crude oil needs for May through routes that do not pass the Strait of Hormuz, according to Japanese Prime Minister Sanae Takaichi.

She held a Ministerial Meeting on the Situation in the Middle East on April 25 and said that, in addition to the Middle East and the United States, supplies will also come from Central Asia, Latin America, and the Asia-Pacific.

The Japanese government's decision comes after the initial release of about 50 days' worth of oil from state and other reserves to stabilise Japan's energy supply following the conflict in West Asia.

Source: IANS