Major Japanese refiners have resumed purchasing Russian crude oil, marking a notable shift in Tokyo’s energy sourcing strategy.
Taiyo Oil, Idemitsu Kosan, and ENEOS collectively imported approximately 1.53 million barrels of Russian crude during May and June, according to calculations by TASS based on data from Japan’s Ministry of Finance.
The average price paid was $103 per barrel, a level that reflects the premium often attached to Russian Urals crude in Asian markets despite ongoing sanctions frameworks.
The average price paid was $103 per barrel, a level that reflects the premium often attached to Russian Urals crude in Asian markets despite ongoing sanctions frameworks.
The move underscores a growing willingness among Japanese energy majors to prioritize supply security and cost efficiency over strict geopolitical alignment.
Company representatives stated that the decision to buy Russian oil was driven by the need to diversify supply sources, particularly as global shipping routes face persistent risks from tensions in the Middle East and the Black Sea.
This pragmatic approach mirrors trends seen in other Asian markets, where refiners have increasingly turned to Russian and Iranian crude to offset higher-priced alternatives.