Japan’s first import of crude oil from Azerbaijan has highlighted the country’s energy vulnerability and renewed efforts to diversify supply chains beyond the Middle East, according to Professor Sejiro Takeshita of the University of Shizuoka.
President Trump has issued a warning to the international community, claiming a nuclear-armed Iran would strike Israel "very quickly" before targeting Europe and the United States.
The escalating conflict involving Iran, the U.S. and Israel is fuelling what could become the most severe energy crisis the world has ever faced, according to the head of the International Energy Agency (IEA).
South Korea is close to finalising an agreement to import crude oil from Kazakhstan, according to Industry Minister Kim Jung-kwan, as the country seeks to diversify its energy supplies amid disruptions in the Middle East, he said on Sunday, 12 April, according to Reuters.
Japan’s growing interest in Caspian crude reflects a pragmatic response to uncertainty in global energy markets and its continued reliance on the Middle East for more than 90% of its oil imports.
Türkiye raised its security level for Turkish-flagged vessels in the Strait of Hormuz to Level 3 on Sunday (2 March). The development follows Iranian restrictions on shipping after U.S. and Israeli strikes and confirmation of Supreme Leader Ali Khamenei’s death.
Hungary will release 250,000 tonnes of crude oil from its strategic reserves following a halt in flows on the Druzhba pipeline. The decision was announced in a government decree published late on Thursday.
Crude oil flowed on Saturday (27 September) through a pipeline from the semi-autonomous Kurdistan region in northern Iraq to Türkiye for the first time in two-and-a-half years, after an interim deal broke the deadlock, Iraq's oil ministry said.
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