Japan oil refiners secure summer crude supply
The Petroleum Association of Japan reports that refiners are successfully sourcing crude from the United States and Latin America to replace Middle Eastern supplies. While logistics via the Cape of Good Hope increase costs, officials expect no procurement problems during the peak summer season.
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Japan refiners will secure enough crude to replace Middle Eastern supplies through the summer by tapping reserves and alternative global sources. The shift follows supply disruptions after the Israel and United States war on Iran restricted most oil transport through the Strait of Hormuz. Before the disruption, Japan relied on the Middle East for about 95% of its crude imports.
