Japanese refiner Taiyo Oil: We should continue relying on Middle Eastern crude oil and oppose excessive promotion of supply diversification.
智通财经2026/10/05 01:36(1) Japanese oil refiner Taiyo Oil stated that Japan should continue to rely on the Middle East as its main source of crude oil supply, as this is more cost-effective. The company expressed its opposition to the Japanese government's approach of diversifying crude oil supply sources due to the US-Iran conflict. (2) The CEO of Taiyo Oil said Japan's national strategy should focus on procuring crude oil at the lowest possible cost during peacetime, while maintaining the flexibility to access alternative supplies in times of crisis. (3) He said: "I am concerned about the excessive push for diversification in crude oil procurement, as it would create significant costs for society during normal times. A better approach for Japan is to continue relying on Middle Eastern crude oil, which accounts for over 90% of our supply."
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