Japanese Refiner Procures Mexican Crude to Bypose Strait of Hormuz Turmoil

Deep News05-13 10:40

In response to supply disruptions caused by conflict in Iran and the near-closure of the Strait of Hormuz, a Japanese refiner has purchased Mexican crude oil for the first time since 2023.

According to shipping reports, the vessels Eagle Kuantan and Eagle Kangar are scheduled to jointly load one million barrels of Isthmus crude oil in the coming days. The buyer is the Japanese company Cosmo Energy Holdings Co., Ltd. This cargo is supplied by PMI, the trading arm of Mexico's state-owned oil company Pemex, and is being loaded at the Pajaritos terminal on the Atlantic coast.

Over 90% of Japan's crude oil supply originates from the Middle East, primarily from Saudi Arabia, the United Arab Emirates, Kuwait, and Qatar—countries all affected by the near-shutdown of the Strait of Hormuz.

Tokyo-based Cosmo stated it has been able to secure supplies from alternative sources, such as Mexico and the United States, to meet the demand of its three refineries for the next three months.

This April, Japanese Prime Minister Sanae Takaichi and Mexican President Claudia Sheinbaum discussed the possibility of Pemex supplying oil to Japan amid the ongoing Middle East conflict.

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