Japan has found a complete replacement of oil from Persian Gulf

The head of the Japanese government announced that in July the country will receive the usual volumes of oil for this month, as they were able to find alternative sources.

"On the 11th, Prime Minister Sanae Takaichi announced at a ministerial meeting on Middle East affairs held at the Prime Minister's office that the share of alternative crude oil purchases not passing through the Strait of Hormuz would be "about 100% of the average month of last year in July," the Nikkei reports.

Previously, Japan, which has one of the largest strategic oil reserves, sold them as part of the agreements of the member countries of the International Energy Agency (IEA), but refused to make additional sales if the crisis dragged on.

As Bloomberg columnist Javier Blas notes, before the Iranian war, Japan imported 90% of its oil from the Middle East.

It is known that Japanese companies have resumed oil imports from the Russian Sakhalin—2 project and increased purchases from the United States. In addition, obviously, part of the supplies in Japan from The Persian Gulf has been preserved, as Saudi Arabia and the UAE redirect part of their exports through oil pipelines to The Red Sea and the Gulf of Oman.