Nigeria is set to benefit from a potential revenue boost as Japan seeks alternative crude oil suppliers, including Nigeria, to stabilise its domestic supply in the wake of disruptions caused by the ongoing Middle East conflict.
According to reports, Japan has reached out to oil-producing nations beyond the Middle East as part of efforts to diversify its import sources and reduce reliance on the region.
Narumi Hosokawa, Deputy Director-General for Immediate Crisis Management at Japan’s Ministry of Economy, Trade and Industry (METI), disclosed that the country is also exploring imports from Malaysia, Azerbaijan, Brazil, and Angola.
Japan’s Prime Minister, Sanae Takaichi, announced during a cabinet meeting on Friday that the country plans to release oil reserves equivalent to 20 days of consumption beginning in May. The move is part of broader efforts to cushion supply shocks and ensure energy security.
The planned release will be conducted independently, with Japan also targeting to secure more than half of its oil imports through routes that bypass the Strait of Hormuz, a critical but currently volatile global energy corridor.
Japan remains heavily dependent on Middle Eastern oil, which accounts for about 95 per cent of its total imports. However, the country has already begun releasing reserves since March 16, both independently and in coordination with other nations, under a broader strategy to make available up to 50 days’ worth of oil. The additional 20 days’ release will come from public stockpiles.
As of April 7, Japan held oil reserves sufficient for 228 days, including 143 days in public stockpiles, according to official data.
Meanwhile, the United States and Iran have agreed to a two-week ceasefire in the conflict that began in late February. Despite this, there are no indications that Iran will lift its near-total blockade of the Strait of Hormuz, a development that has triggered one of the most significant disruptions to global energy supply in recent times.
In addition to diversifying supply sources, Japan is also increasing crude imports from the United States. Data from METI indicates that imports from the U.S. are expected to quadruple in May compared to the same period last year.
The development signals a strategic shift in Japan’s energy sourcing and presents an opportunity for oil-producing countries like Nigeria to strengthen their presence in the global crude market.
