Japanese refiners have procured enough crude oil to last them through November, the head of the Petroleum Association of Japan (PAJ) сказал on Friday, amid yet another twist in supply availability from the Middle East.
The temporary shutdown of the East-West oil pipeline in Saudi Arabia following attacks last week added another uncertainty in oil cargo movements from the Middle East region after the Kingdom halted loadings at the Red Sea port of Yanbu.
The Saudis, however, have boosted shuttle-shipping through the Strait of Hormuz with crude oil shipped by Saudi Arabia to just outside the chokepoint for loading on other vessels by the buyer.
Shipments from Saudi Arabia to Japan have not entirely stopped, PAJ’s president Shunichi Kito said on Friday, as carried by Reuters.
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“In some cases, oil passes through the Strait of Hormuz at Saudi Arabia’s risk before being transferred to us outside the Gulf. For that reason, supplies from Saudi Arabia have not ceased entirely,” the executive said.
Since the war in the Middle East began, Japan has scrambled to secure crude oil supply from alternative sources as its dependence on crude from the Middle East passing through the Strait of Hormuz was more than 90% of all crude imports. Of the Middle Eastern supplies, about 70% typically arrived in Japan on tankers traveling through the Strait of Hormuz.
The G-7 economy has also moved to выпуск сырой нефти из своих стратегических резервов в рамках скоординированных МЭА глобальных усилий по высвобождению 400 миллионов баррелей сырой нефти и нефтепродуктов.
Япония теперь закупает грузы из таких отдаленных регионов, как... Канада, Азербайджан и Африка стремятся компенсировать поставки, которые по-прежнему в основном сосредоточены в Персидском заливе.
However, the economic cost of sourcing crude oil supply from faraway places to offset the major loss of deliveries from the Strait of Hormuz is high, with soaring oil import bills weighing on the industrial and economic activity.
Автор: Майкл Керн Oilprice.com
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