Japan's Oil Import Bill Hits Record High Amid US Crude Surge

Japan's import bill reached an all-time high in July, driven by higher oil prices, at $76.39 billion. This represents a 27.8% increase from July 2025.

In volume terms, Japan's crude oil imports ticked up by 5.5% from the previous year, but in price terms, the bill surged by 87.8%, breaking the previous record set in June.

Analyst Koki Akimoto from Daiwa Institute of Research pointed out that the recovery in crude volumes, combined with persistently high oil prices and larger shipments of pricier US crude, has been pushing up the value of imports.

Japan is heavily dependent on energy imports, with as much as 90% of its crude oil coming from the Middle East before the U.S.-Israel war with Iran began at the end of February. Since then, Japan has moved to diversify urgently, buying crude from Nigeria, Angola, South Sudan, Azerbaijan, the United States, and Canada.