Japan’s largest refiner plans to reduce dependence on Middle East oil from 95% following supply disruptions in the Strait of Hormuz.
Eneos Holdings will diversify its crude supply after recent disruptions in the Strait of Hormuz exposed risks of heavy reliance on Middle East oil. The company currently sources 95% of its crude from the region, a vulnerability highlighted by supply shocks.
Japan’s government previously released strategic oil reserves to mitigate shortages, prompting refiners to seek alternative suppliers. The shift aims to stabilize supply chains amid geopolitical tensions.
No immediate market reaction was reported, but the move signals long-term strategic adjustments for energy security.