Due to the crisis in In the Strait of Hormuz, Asian refineries began to buy American oil

Due to the crisis in In the Strait of Hormuz, Asian refineries began to buy American oil. This is reported by Bloomberg.

According to the agency, in July, oil imports from the United States to Asia has reached a record level — according to some estimates, up to 2.3−2.35 million barrels per day, which is more than double the average of the beginning of the year (about 1.37 million barrels per day).

However, this is only a small part of what was lost. Due to the closure of the Strait of Hormuz at the end of February, oil imports from this corridor to Asia collapsed from 13.54 million barrels per day to about 1.2 million barrels per day by May. Losses exceed 5 million barrels per day, and American supplies close only about half of this gap.

The four companies are GS Caltex (South Korea), Cosmo Energy and Eneos (Japan), as well as CPC Corp. (Taiwan) — we purchased batches of American Mars (heavy oil) and WTI Midland (light) grades for delivery in November.

According to the publication, Asian countries are actively spending commercial and strategic reserves. Analysts warn that oil reserves in the region have approached the minimum operational level necessary for the stable operation of refineries and supply systems.

Japan, the most affected country, introduced a mandatory fuel rationing system for the first time since the 1973 oil crisis. The country's Prime Minister, Sanae Takaichi, called the crisis "the most serious economic threat to Japan's survival after World War II."