China · Japan · Nation Thailand
Japan backs ASEAN push to diversify crude oil supply sources
Compiled by KHAO Editorial — aggregated from 1 outlet. See llms.txt for citation guidance.
◌ Single Source
The Japanese government is moving to assist Southeast Asian countries in widening their sources of crude oil, aiming to keep petrochemical supply chains stable as tensions in the Middle East continue.
Key facts
- Energy shocks linked to the effective closure of the Strait of Hormuz have pushed crude-importing Southeast Asian nations to cut their dependence on Middle Eastern supplies.
- In April, Japan announced a US$10 billion, or around 1.6 trillion yen, financial support framework to help stabilise energy supplies in Asian countries
- The Philippines, which has relied on the Middle East for more than 90 per cent of its crude oil imports, declared a national energy emergency in March after crude prices surged.
- Marcos is due to visit Japan as a state guest for four days from Tuesday (May 26) and will hold talks with Takaichi.
Summary
Energy shocks linked to the effective closure of the Strait of Hormuz have pushed crude-importing Southeast Asian nations to cut their dependence on Middle Eastern supplies.
The Philippines, which has relied on the Middle East for more than 90 per cent of its crude oil imports, declared a national energy emergency in March after crude prices surged.