Oil Supply Concerns: Japanese PM Takahashi Confident in Securing Supply After Year-End

According to Kyodo News, Takaichi told reporters at the Prime Minister's official residence yesterday that 'all possibilities will not be excluded' regarding policies to control energy demand, and that they will 'respond flexibly.'

According to information released by Japan's Ministry of Economy, Trade and Industry (METI), Japan is expected to procure more than 20% of its crude oil purchases in April compared to actual purchases last year, and over half of last year's amount in May.

Takaichi also explained that crude oil purchased from the United States in May will increase to approximately four times that of last year, stating, 'Japan's total required amount of crude oil and petroleum products has been secured.'

She added, 'Japan holds about 8 months' worth of oil reserves, and by controlling the amount of oil reserves released, we are confident in securing oil supply beyond the year-end.'

Prior to Takaichi's remarks to the media, Minister of Economy, Trade and Industry Akazawa Ryosei stated yesterday that oil tankers departing from the Middle East arrived in Japan on the 5th of this month without passing through the Strait of Hormuz.

Akazawa stated that cases of fuel shortages have already appeared in industries such as fisheries and agriculture, and prompt and proper action will be taken.

METI indicated that crude oil procurement from the Middle East avoiding the Strait of Hormuz is expected to officially begin in May. It is anticipated that supplies will be obtained via routes from the Red Sea on the west side of Saudi Arabia and the eastern route from the United Arab Emirates. (Compiler: Yang Weijing) 1150408