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Japan’s July import bill hits record as oil prices stay elevated

Japan’s crude oil volume rose 5.5% year over year, but the value of the oil bill jumped 87.8%, reaching $76.39 billion in July.

Reported · Written up by our desk · Energy

Japan’s import bill rose to an all-time high in July, reaching $76.39 billion as elevated oil prices boosted the cost of energy shipments, according to OilPrice citing Reuters trade data.

The report said the increase reflected both steady crude volumes and a much larger price impact, with Japan’s crude oil imports up 5.5% in volume terms from a year earlier, while the oil bill surged 87.8% in value, surpassing the prior record set in June.

OilPrice also noted Japan’s heavy dependence on imported crude, describing how as much as 90% of its oil has historically come from the Middle East, a pattern that shifted after the end of February amid the U.S.-Israel war with Iran.

The outlet said Japan has moved to diversify supplies by buying crude from countries including Nigeria, Angola, South Sudan, Azerbaijan, the United States, and Canada, a strategy that supports supply security but raises inflation concerns as oil prices remain supported by intermittent Middle East tensions.

Latest closeWTI crude $82.40 ▲1.4%

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