• 3 minutes Will Iron-Air batteries REALLY change things?
  • 7 minutes Natural gas mobility for heavy duty trucks
  • 11 minutes NordStream2
  • 25 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 hours Evergrande is going Belly Up.
  • 6 hours World’s Biggest Battery In California Overheats, Shuts Down
  • 2 hours U.S. Presidential Elections Status - Electoral Votes
  • 18 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 21 hours Poland Expands LNG Powered Trucking and Fueling Stations
  • 2 days And now, hybrid electric locomotives...
  • 1 day Ozone layer destruction driving global warming
  • 2 days The unexpected loss of output from wind turbines compels UK to turn to an alternative; It's not what you think!
  • 2 days The Painful Death of Coal
  • 1 day The coming Cyber Attack
  • 1 day Is the Republican Party going to perpetuate lies about the 2020 election and attempt to whitewash what happened on January 6th?
  • 1 day 'Get A Loan,' Commerce Chief Tells Unpaid Federal Workers

Japan Decreases Dependence On The Middle East, Seeks New Crude Sources

Oil companies in Japan are expanding their list of crude importers, in an effort to reduce their reliance on Middle East oil.

Japan-based Idemitsu Kosan upped its imports from Venezuela and Russia last year, bringing the country’s Central and South American oil procurements to 3.3 percent—ten times the level seen in FY 2010. This gives Japanese companies procurement flexibility, because oil from Russia can be delivered to Japan within the space of one week.

Other Japanese procurements include West Texas intermediate. A tanker carrying 300,000 barrels of West Texas intermediate arrived at the Japanese port of Yokkaichi in January, marking the first time a company from Japan imported oil, rather than buying oil futures. Cosmo opted to buy the WTI when the price ebbed at the end of a 40-year ban by the U.S. on exporting crude oil at the close of last year.

As the United States began to increase its output of shale oil, Cosmo decided to add the Americas to its suppliers, and also began buying crude from Mexico. As the prices are tied to West Texas Intermediate, buyers can wait for a lucrative chance to purchase crude, as opposed to being tied to long-term contracts used by Middle-East countries. Masashi Nakayama, who is the general manager of Cosmo Oil's crude and tanker department, said that the company is eying Canada and Ecuador as future suppliers.

A representative of the JX Holdings unit of JX Nippon Oil and Energy said that as another result of the shale boom, traders are asking his company to buy leftover oil, adding that JX bought Alaskan oil for a good price earlier in the month, and made purchases from Colombia and Mexico. He said that since the U.S. ban was lifted, his company has been paying attention to U.S. prices.

By Lincoln Brown for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News