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Diversification of Crude Oil Procurement: Steadily Advance Efforts to Reduce Dependence on Strait of Hormuz

Prolonged turmoil is inevitable in the Middle East, on which Japan has been reliant for most of its crude oil imports. To ensure stable growth in the Japanese economy, the nation needs to strengthen…

  • Japan diversifies crude oil imports to reduce Strait of Hormuz dependency
  • Government supports pipeline construction bypassing Strait from UAE, Saudi Arabia
  • New suppliers sought, shipping costs subsidized for route changes

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