Japanese oil imports recovered to pre-Iran war levels in July... “About 30% comes from the U.S.”
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Local media has pointed out that Japan, which relies on the Middle East for about 90% of its crude oil imports and has been trying to find alternative sources of procurement after the Iran War, is now concerned about its dependence on the United States.
Local media has pointed out that Japan, which relies on the Middle East for about 90% of its crude oil imports and has been trying to find alternative sources of procurement after the Iran War, is now concerned about its dependence on the United States. According to the Asahi Shimbun on the 17th, the Energy Economy and Society Research Institute, a private think tank, analyzed shipping data from research company Kepler and predicted that crude oil imports in July would recover to the level before the Iran war, at about 87 million barrels. Crude oil imports plummeted to 25% of the previous year's monthly average in April, but recovered to 65% in May and 80% in June, and were expected to recover to 100% of normal levels in July. However, the source of crude oil has changed significantly. The share of U.S. crude oil, which accounted for only 3.8% of total imports last year, expanded to about 29 million barrels in July, or about a third of the total, and has become a key axis of alternative procurement. In response, Asahi pointed out that although it has escaped dependence on the Strait of Hormuz, a new structure has been formed that increases dependence on the U.S. It will be difficult for the U.S. supply capacity to be maintained for a long period of time.
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