Japan crude oil imports in July to regain year-earlier level despite war

Japan expects to secure the same volume of crude oil imports in July as a year prior, Prime Minister Sanae Takaichi said Thursday, after ramping up purchases from non-Middle Eastern suppliers like the United States amid the effective closure of the Strait of Hormuz.Japan has relied on the Middle East for more than 90 percent of its crude oil imports. But shipments via the Strait of Hormuz, a key energy route through which around 20 percent of global oil and liquefied natural gas normally passes, have nearly halted, forcing Japan to seek supplies elsewhere.Takaichi announced the outlook at a…READ FULL ARTICLE