Japan's largest refiner, Eneos, has purchased a rare cargo of Canadian crude as the country seeks to diversify away from Middle Eastern oil supplies.
This marks the first Canadian oil shipment bought by a Japanese company since 2025, according to a report by Reuters, citing ship-tracking data from Kpler and LSEG. The cargo was loaded onto an Aframax tanker with a capacity of 750,000 barrels.
According to Kpler senior analyst Richard Ro, "Japan's renewed purchases of TMX crude highlight Canada's growing role in Asia's evolving import strategy as refiners diversify away from Middle East Gulf supplies."
Canada exports oil to Asian markets via the Trans Mountain pipeline to the coast of British Columbia. Since 2024, the pipeline has been operating at double its capacity of 890,000 barrels daily, as Canadian oil producers seek to capture a bigger share of the Asian markets.
Current oil export problems in the Middle East have made Canadian crude more attractive, especially for countries like Japan, which sourced over 90% of its crude oil from Middle Eastern producers before the war.
Since the war erupted, Japan has been actively seeking alternative suppliers, which have included the United States and Russia. As much as 77% of total oil exports from the port of Vancouver have gone to Asia since the start of the year, compared to 51% back in 2024 when TMX launched at double capacity.
