Why has Idemitsu shifted to sourcing Saudi crude via the Suez route and Cape of Good Hope, and what does it say about supply stability?

Idemitsu has shifted to sourcing Saudi crude from Yanbu via the Suez route and Cape of Good Hope because Houthi attacks have made the Bab el-Mandeb Strait impassable for most Saudi oil shipments, forcing vessels onto a longer route that extends voyages from about 20 days to 50–60 days. Despite longer shipping times and higher transportation costs, President Noriaki Sakai stated the company sees 'no significant disruption to crude procurement' and 'no near-term threat to stable supplies', supported by alternative sources including UAE crude routed via Fujairah and imports from North America.

What is Idemitsu's stance on reducing dependence on Middle Eastern crude, and why?

Idemitsu’s president Noriaki Sakai said the company will not cut its dependence on Middle Eastern crude, emphasizing that maintaining access to the region’s oil remains a priority due to long-standing trust between Japan and Middle Eastern producers and the crude’s suitability for Japanese refineries; he added that shifting significantly to non-Middle Eastern grades would require costly refinery modifications and constitute 'unnecessary investment' for Japan.

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