Japan Purchases Russian Oil Amid Hormuz Strait Tension

Japan has secured a crude oil import deal for 1 million barrels with Mexico to address domestic shortages following the Iran war. Mexico's state-owned PEMEX has agreed to supply from its 1.8 million barrel capacity. Prime Minister Takaichi addressed the energy shortage as part of the diplomatic move. Prime Minister Takaichi reported at a ministerial meeting regarding Middle East affairs that domestic production bases for chemical products using naphtha-based gasoline are expected to continue for over a year. Japan has purchased a batch of Russian oil following the closure of the Ormuz Strait. According to TASS, the raw material is currently being directed toward Japanese shores. A tanker is expected to arrive within the coming days, though specific delivery volumes have not been disclosed. The importer, Tayu Oil, reported acquiring the Sakhalin Blend variety. The company is reportedly coordinating closely with Japanese entities regarding the shipment. This news was reported by TASS via Tayu Oil. The country traditionally receives nearly its entire volume of oil imports from the Far East through this waterway. The impact on the market remains a subject of inquiry.