Japan Eases Oil Crisis but Import Bill Keeps Climbing

Japan's oil crisis has eased in recent weeks as the country managed to diversify its crude oil supply and release stocks from strategic reserves.

The resource-poor G7 economy, which previously relied on the Middle East for over 90% of its crude oil imports, is now sourcing supplies from alternative sources such as Canada, Azerbaijan, and Africa.

However, the economic cost of importing crude oil from faraway places is high, with Japan's crude oil import bill reaching a record high of $89.46 billion in June.

The crisis began when the war in the Middle East led to a significant reduction in oil supplies from the region, prompting Japan to scramble for alternative sources.