Japan's May Oil Imports Expected to Rebound Amid Hormuz Strait Closures

Japan's crude oil imports in May are projected to rebound to approximately 1.7 million barrels per day, roughly three-quarters of the level from the same period last year. According to Jin10, this estimate is based on ship tracking data as of May 19 and is likely to exceed previous expectations set by the Japanese government. The increase in imports is primarily attributed to independent arrangements by refiners for supplies from the United States and Saudi Arabia, transported via the Red Sea. However, some shipments originally destined for Japan may still be rerouted temporarily.