Japan Crude Imports Fall 66% To Record Low

Japan Crude Imports Fall 66% To Record Low

Japan's crude oil imports collapsed 66% YoY in April 2026 to a record low of ~850,000 bpd, with Middle East supply down 68% due to the Iran war and effective closure of the Strait of Hormuz. For energy-intensive industries and supply chain managers, this signals a structural reshaping of Asian energy flows — alternative sourcing (Azerbaijan, Latin America) and IEA strategic reserve releases are bridging the gap, but at higher cost and complexity.