Japanese refiners have started weighing alternative crude supply sources that would not need to transit through the Strait of Hormuz, including from the Red Sea side in Saudi Arabia, West Africa and the US, amid rising tensions in the region, Petroleum Association of Japan President Takashi Tsukioka said Friday. Now Japan relies heavily on crude imports from the Middle East, most of which transit through the Strait of Hormuz. PAJ and the refiners are also looking at how they can release strategic petroleum reserves most effectively in the event of an emergency, Tsukioka said at a press conference in Tokyo. He said the topic of releasing petroleum reserves was part of discussions, including at PAJ’s board meeting. “Every [PAJ] member refiner is in consensus for considering releasing the stock where it will be most effective, or […]