While Japanese refiners are preparing for the worst case scenario, they don't currently see any threats to their oil supply despite rising tensions in the Middle East.
Japan ’s refiners are prepared to tap reserves in case of a major escalation of the conflict in the Middle East and a possible disruption to oil supply, but they do not see threats to supply right now, according to the president of the Petroleum Association of Japan PAJ. “We don't believe that there are any obstacles to the procurement of crude oil to Japan for now,” PAJ president Shunichi Kito said on Wednesday, as carried by Reuters.
PAJ’s Kito, who also heads large Japanese refiner Idemitsu Kosan, said that the company is looking at possible alternatives from West Africa and North America if they can be processed smoothly at refineries. The issue for Japan here is that its refineries are configured to process Middle Eastern crude grades and other supplies may not fit the refinery specifications.
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