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Japan Explores Importing Kazakhstani Crude Oil to Mitigate Middle East Supply Disruption Risks
According to reports, the Japanese government is considering importing crude oil from Kazakhstan. Over 90% of Japan’s crude oil depends on the Middle East. If the Iran crisis persists long-term, a severe oil shortage could become a real issue. Japanese Prime Minister Fumio Kishida stated on March 23 at the House of Councillors plenary session that Central Asia, South America, and Canada are candidates for crude oil procurement. Japan also plans to collaborate with the United States on a joint project to stockpile U.S.-produced crude oil and is accelerating efforts to diversify sourcing. (Jiemian News)