Japan Imported 1.53 Million Barrels of Russian Oil in May-June at $103 Per Barrel

Japan imported about 1.53 mln barrels of Russian oil in May and June at an average price of $103 per barrel, according to TASS calculations based on statistical data published by Japan's Ministry of Finance.

According to statistics for the first half of this year, imports of Russian oil totaled 243,000 kiloliters, equivalent to 1.528 mln barrels. The value of these imports amounted to 25.7 bln yen ($157.6 mln). Thus, each barrel of Russian oil cost Japan approximately $103.

Japan purchased several cargoes of Russian oil in May and June. Major Japanese oil companies Taiyo Oil, Idemitsu Kosan, and ENEOS told a TASS correspondent that the decision to purchase Russian oil was made to diversify supply sources. The shipments consisted of Sakhalin oil produced under the Sakhalin-2 LNG project, whose oil supplies are linked to LNG contracts and are exempt from sanctions.

Oil exempt from sanctions

In recent years, Japan has relied on the Middle East for more than 90% of its oil imports, with most of those shipments passing through the Strait of Hormuz. Tokyo has said it is seeking alternative sources of supply but has not publicly identified Russia as a potential supplier. At the same time, Shunichi Kito, president of the Petroleum Association of Japan, has named Russia among the possible alternatives. He also heads the Japanese company Idemitsu Kosan.

Earlier, Russian Ambassador to Tokyo Nikolay Nozdrev told TASS in an interview that, as part of the G7's collective policy, Japan had decided to stop purchasing Russian oil and coal and now buys only small volumes of oil from the Sakhalin-2 project once or twice a year. Oil from the project is linked to LNG deliveries, which account for about 9% of Japan's total LNG imports. He noted that Tokyo had not approached Russia about resuming oil purchases and added that, if Japan were to make such a request, it would first need to lift sanctions, particularly the price cap on Russian oil.

Russia's role in Japan's energy security

Despite the absence of official statements regarding the future of Russian oil supplies, some Japanese politicians and experts have argued that such cooperation should continue.

One of the most consistent advocates of lifting sanctions on Russia is Muneo Suzuki, a lawmaker from Japan's ruling Liberal Democratic Party (LDP). He has repeatedly emphasized the importance of improving relations with Russia, particularly given the country's energy resources, which are important for Japan, whose energy imports account for nearly 100% of domestic consumption.

Another ruling LDP lawmaker, Shoji Nishida, also told a TASS correspondent that energy cooperation with Russia would benefit Japan, which has been severely affected by disruptions in resource supplies caused by the closure of the Strait of Hormuz. However, he noted that the main obstacle to lifting the price cap on Russian oil, introduced by Japan together with its Western partners, is the position of the United States, which he said is using pressure to secure global control over the oil market.

America is trying to gain control over oil, global control. Therefore, I believe there is significant pressure [from the United States], he said.

The government has also been urged to abolish the oil price cap by Sakhalin Oil and Gas Development Co. Ltd. (Sodeco), which is restructuring its 30% stake in the Sakhalin-1 project.

Sodeco's largest shareholder is the Japanese government, while its other shareholders include the private companies Japex, Itochu, Marubeni, and Inpex.