Japan's crude oil imports fell to a record low in April, plummeting 66% from the same month last year amid major supply disruptions in the Middle East. Official data from the Ministry of Economy, Trade and Industry showed imports of just 4.07 million kilolitres, or about 850,000 barrels per day. The plunge marks the lowest level ever recorded for the resource-poor nation.
The Middle East, which supplied over 90% of Japan's crude before the war, saw deliveries to Japan drop by 68% year-over-year. Japanese imports from Saudi Arabia fell nearly 58%, while those from the United Arab Emirates slumped by 69.4%. The de facto closure of the Strait of Hormuz and the ongoing Iran conflict have severely choked supply routes critical to Tokyo's energy security.
Despite the drastic drop in volume, the Middle East's share of Japan's total crude imports remained high at 93.7% in April. The data also showed that Japan imported the lowest volume of crude from the region since records began in 1979. These figures underscore the near-total dependency of the world's third-largest economy on a single, now-volatile region for its energy needs.
The implications for Japan are severe, as the country relies almost exclusively on imported crude to fuel its industries and transportation. Analysts expect further economic strain if supply disruptions persist, potentially forcing the government to tap emergency reserves or accelerate energy diversification plans. The crisis also threatens to drive up domestic fuel prices and inflation.