The ongoing Iran war has disrupted shipping in the Strait of Hormuz, prompting Asian and European countries to turn to the United States for energy purchases. A tanker carrying American crude oil arrived in Japan on Sunday, April 26, marking the first batch of crude oil from the US since the outbreak of the Iran war on February 28.
According to reports from the Japanese media outlet “Kyodo News,” the “Cosmo Energy Holdings Co.,” a company that procures crude oil from the US, stated that the tanker that arrived in Tokyo Bay carried 145,000 kiloliters of crude oil, equivalent to half a day’s worth of consumption in Japan.
The tanker set sail from Texas, USA on March 22, passing through the Panama Canal before reaching Japan on Sunday.
Japan’s Ministry of Economy, Trade, and Industry stated that the amount of crude oil expected to be imported from the US in May will be approximately four times that of the same period last year. The ministry also affirmed that the government will continue efforts to ensure a stable supply of crude oil.
Following the outbreak of the Iran war at the end of February, Iran’s Islamic Revolutionary Guard Corps fired upon passing ships in the Strait of Hormuz and threatened to deploy naval mines, causing shipping through the vital waterway to virtually grind to a halt. Over 90% of Japan’s imported crude oil depends on the Middle East, with much of it transported through the Strait of Hormuz.
The Japanese government and oil wholesalers have been actively seeking alternative routes to bypass the Strait of Hormuz and secure oil supplies. In addition to the US, Japan is looking to procure oil from other regions such as South America and Central Asia.
Recent shipping traffic data indicates that more tankers are heading to the US for loading oil amid the continued blockade in the Strait of Hormuz. According to data from the US Energy Information Administration (EIA), last week saw record-breaking exports of US crude oil and petroleum products, reaching almost 12.9 million barrels per day.
Data from the ship tracking company Kpler shows a significant increase in the US’s liquefied natural gas exports, reaching a historic high last month.