Japan has received its first shipment of Canadian crude in over a year, marking a significant shift in Japan oil imports by country as Tokyo scrambles to reduce its historic reliance on Middle Eastern supply routes through the Strait of Hormuz. The move comes as ongoing conflict in the Gulf has disrupted tanker traffic and pushed prices sharply higher. Background Japan has almost no domestic oil production of its own, making it one of the most import-dependent major economies in the world. Japan oil production sits at a fraction of…
Read MoreJapan Oil Imports Shift Toward Canada as Hormuz Crisis Forces Rethink
