Japan expects its oil imports next month to decrease, but has no plans to release additional crude from storage, stated the country's economy minister Ryosei Akazawa:
He noted that oil imports next month are expected to be at 80% of the average monthly for 2025, while the August import rate was at 100%:
This 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:
Akazawa mentioned that of the national reserves for which a release has already been decided, there remains a portion that has not been utilized:
In March, Japan 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. and Israeli strikes on Iran at the end of February:
Japan, which relied on Middle Eastern producers for as much as 95% of its oil imports, is making efforts to diversify its sources:
