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Japan's Reliance on Middle Eastern Flows Increases Post Sanctions

OIL

Japanese refiners may buy Russian crude from the Sakhalin-2 oil and gas project if needed according to Shunichi Kito the president of the Petroleum Association of Japan (PAJ).

  • Russian oil in general is not necessary for a stable supply to Japan and Japanese refiners should instead look for sources in other countries where risks are lower, Kito said.
  • Japan is heavily reliant on crudes from the Middle East as they have moved away from Russian flows. Dependence on the region is now at 94%.
  • "We'd like to diversify our suppliers, but it is difficult to find stable partners or countries." Kito said.
  • "So it's important to further strengthen the connections with the Middle East in terms of energy security for the time being," he added.
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