Japan Secures 60% of May Oil Needs via Alternate Routes Amid Middle East Crisis

The PM's Office of Japan, quoting Sanae Takaichi, wrote on X: "I held a Ministerial Meeting on the Situation in the Middle East. Regarding alternative crude oil procurement that does not pass through the Strait of Hormuz, we have an outlook for securing approximately 60% for May."

During the meeting, she highlighted that in addition to the Middle East and the U.S., supplies will also come from Central Asia, Latin America, and the Asia-Pacific.

We have secured the necessary supply volumes for dialysis tubing, which we rely on imports, through the end of September by prioritising petroleum-based materials for overseas facilities operated by Japanese companies.

She mentioned that she also instructed the minister in charge to fully utilise the POWERR Asia framework to ensure stable supply volumes from October onward.

She has confirmed that the quantities needed for plastic agricultural materials, including mulch sheets and rice bags for this spring, have been procured.

"To address concerns about future procurement, we will closely review supply chains and work with raw material manufacturers to ensure stable supply and prevent any disruption to food supply," she added.

Earlier on Friday, the Japanese government announced that it will begin releasing additional oil reserves worth around 20 days from May 1.

The Japanese government's decision comes after the initial release of some 50 days' worth of oil from reserves held by the state and others to stabilise the energy supply in Japan after the conflict erupted in West Asia, Japan-based Kyodo News reported.

According to Japan's Ministry of Economy, Trade and Industry, the second release will free up 5.8 million kilolitres worth 540 billion yen (USD 3.4 billion), the report stated.

Japan relies on West Asia for over 90 per cent of its crude oil imports, majority of which passes through the Strait of Hormuz.

- IANS