It's the end of August—does Japan still have oil?

Even if we look solely at Japan’s crude oil imports from the Middle East, volumes in August have already rebounded to 70–80% of pre-war levels. This confirms Goldman Sachs’ earlier claim that crude oil transit volume through the Strait of Hormuz has recovered to two-thirds of pre-war levels. Reference: Japan Ministry of Finance, 'Trade Statistics'—'Crude Oil and Crude Petroleum', categorized by country of origin ------------------ Conclusion first: Japan’s crude oil imports in August have essentially returned to normal. In fact, they had largely recovered already in July, and remained steady within the normal range in August. According to the latest trade statistics released by Japan’s Ministry of Finance: ・Crude oil imports in August 2026: 11.594 million kiloliters, up +3.6% year-on-year. ・Imports in July: approx. 12.106 million kiloliters, up +5.5% year-on-year; Japanese media at the time described this as a return to year-on-year import levels. ・The Japanese government had previously projected that in August it would secure crude oil supplies equivalent to approximately **100% of last year’s average monthly consumption**—a target that was essentially met.

Chief Cabinet Secretary of Japan: 'We have not yet received any reports indicating disruptions to oil supply and demand; we will continue ensuring stable supplies of crude oil and petroleum products.'

Regarding whether it is necessary to call on the public to conserve electricity and reduce spending due to the situation in Iran, Chief Cabinet Secretary Kimura stated that no reports have been received indicating an immediate impact on Japan’s oil supply and demand, and explained that the current phase involves closely monitoring the effects of measures such as alternative crude oil procurement. At a press conference held that morning, Chief Cabinet Secretary Kimura remarked: 'At this stage, we have not received any reports indicating an immediate impact on Japan’s domestic oil supply and demand; the total volume of oil required nationwide is currently secured.' Building on this, he noted: 'Given the possibility that the situation in Iran may persist over the long term, it is essential to actively advance measures including the release of existing petroleum reserves and alternative crude oil procurement. For now, however, we are in a phase of carefully observing the effects of these initiatives.' He also pointed out that Japan routinely calls on the public to conserve energy during summer and winter—periods of heightened energy demand—and emphasized: 'Regardless of developments in the Middle East, continuing these efforts steadily over the medium term remains critically important.' Additionally, regarding electricity and natural gas supply, he clarified that liquefied natural gas (LNG) imports transiting the Strait of Hormuz account for only about 6% of Japan’s total LNG imports, and that Japan maintains sufficient inventory reserves, adding: 'There will be no short-term impact on stable supply. Going forward, we will remain prepared for all contingencies and spare no effort to ensure stable supplies of crude oil and related petroleum products.'

Japan secures crude supply through Nov; Dec uncertain – PAJ chair: report

11 hours ago

Japan secured crude oil supplies through November, but December remains uncertain amid escalating Middle East tensions affecting key shipping routes. PAJ chairman Shunichi Kito cited risks following attacks on Saudi pipelines and strategic straits controlling over 90% of Japan's imports.

icis

2026-09-21

Japan secures crude supply through Nov; Dec uncertain – PAJ chair: report

Japan secures crude supply through Nov; Dec uncertain – PAJ chair: report

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