Japan Holds Off on New Oil Reserve Release Despite September Import Drop
Japan expects its oil imports next month to be lower than this month’s but has no plans to release additional crude from storage, the country’s economy minister said. Oil imports next month are seen at 80% of the average monthly for 2025, Ryosei Akazawa said, as quoted by Reuters.
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Key Facts
- Fact 1: Oil imports next month are seen at 80% of the average monthly for 2025, Ryosei Akazawa said, as quoted by Reuters.
- Fact 2: The report noted that the August import rate had been 100% of the 2025 monthly total.
- Fact 3: A tanker takes 23 days to reach Japan via the Bab el-Mandeb strait but more than twice that, at 55 days, via the Suez Canal, Akazawa told media.
- Fact 4: Japan in March announced a release of 80 million barrels of crude and fuels in response to the supply squeeze in the Middle East resulting from the U.S.
Japan expects its oil imports next month to be lower than this month’s but has no plans to release additional crude from storage, the country’s economy minister said. Oil imports next month are seen at 80% of the average monthly for 2025, Ryosei Akazawa said, as quoted by Reuters.
The report noted that the August import rate had been 100% of the 2025 monthly total. The change is prompted by the redirection of tanker traffic from the Bab el-Mandeb Strait to the Suez Canal, as Yemeni Houthis threaten attacks on vessels in the Red Sea chokepoint. A tanker takes 23 days to reach Japan via the Bab el-Mandeb strait but more than twice that, at 55 days, via the Suez Canal, Akazawa told media.
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Original source: OilPrice.com