Jul 7, 2026
Ten vessels linked to Japan have departed the Strait of Hormuz after being stuck in the waterway for months, according to media reports. The source, Reuters, cited shipping data from LSEG in its report.
The group of ships includes six very large crude carriers holding a combined 12 million barrels of Middle Eastern crude, along with two chemical tankers, a vehicle carrier, and a container ship. The crude cargoes originate from Saudi Arabia, the United Arab Emirates, and Qatar, and were loaded in late February and early March. Most of the vessels are managed by a Japanese group, Reuters added.
Separately, a supertanker carrying 2 million barrels of Saudi crude destined for South Korea also left the strait over the weekend, according to a Korean refiner. That vessel is expected to arrive at Onsan, South Korea, on July 26, Reuters reported.
The departures have raised hopes that oil flows are beginning to recover from the prolonged closure of the Strait of Hormuz, a vital passage through which a fifth of the world’s oil moved before a joint U.S.-Israeli assault on Iran began in late February.
After an interim peace agreement between Washington and Tehran last month, global benchmark oil prices have fallen back to pre-war levels of roughly $70 a barrel. At the start of the conflict, crude briefly surged above $110 a barrel. This price decline has helped alleviate concerns about an energy-driven wave of inflation and a subsequent period of central bank interest rate increases.
Despite the framework deal, the U.S. and Iran remain at odds over the Strait of Hormuz. Tehran has demanded it retain some control over the strait, which partially lies off its southern coast. The U.S. has rejected those demands, and the two sides also disagree on key issues such as Iran’s nuclear ambitions and the fighting between Israel and Tehran-backed Hezbollah militants in Lebanon.
Talks between the U.S. and Iran were postponed for the multi-day funeral of former Iranian Supreme Leader Ayatollah Ali Khamenei, who was killed in strikes at the beginning of the war. Iran’s new Supreme Leader, Ayatollah Mojtaba Khamenei, has not yet appeared at the funeral ceremonies, the Associated Press reported.
Interactive table based on the Store Companies dataset for this report.
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#
Company
Headquarters
Focus
Scale
Note
1
ENEOS Holdings
Tokyo
Integrated oil & gas
Major
Largest refiner, domestic & intl. upstream
2
INPEX Corporation
Tokyo
Upstream exploration & production
Major
Japan’s largest upstream oil/gas company
3
Japan Petroleum Exploration (JAPEX)
Tokyo
Upstream oil & gas
Large
Domestic & international E&P
4
Idemitsu Kosan
Tokyo
Integrated oil & gas
Major
Refining & upstream projects
5
Mitsubishi Corporation
Tokyo
Trading, upstream investments
Major
Diversified sogo shosha, global oil assets
6
Mitsui & Co.
Tokyo
Trading, upstream investments
Major
Sogo shosha, global oil & gas projects
7
Cosmo Energy Holdings
Tokyo
Integrated oil
Large
Refining & upstream ventures
8
ITOCHU Corporation
Tokyo
Trading, upstream interests
Major
Sogo shosha with energy investments
9
Sumitomo Corporation
Tokyo
Trading, upstream interests
Major
Sogo shosha, global resource projects
10
JX Nippon Oil & Gas Exploration
Tokyo
Upstream oil & gas
Large
ENEOS upstream subsidiary
11
Japan Oil, Gas and Metals National Corp (JOGMEC)
Tokyo
State-backed resource investment
Large
Supports Japanese companies upstream
12
INPEX Offshore North Caspian Sea Ltd. (via INPEX)
Tokyo
Upstream project operator
Large
Kashagan field participant
13
Teikoku Oil (Conducted by JAPEX)
Tokyo
Upstream oil & gas
Medium
Historical producer, now under JAPEX
14
Japan Petroleum Development Association
Tokyo
Industry group, research
Medium
Represents domestic upstream interests
15
Sojitz Corporation
Tokyo
Trading, upstream interests
Medium
Sogo shosha with oil & gas assets
16
Marubeni Corporation
Tokyo
Trading, upstream interests
Major
Sogo shosha, global energy projects
17
TonenGeneral Sekiyu K.K. (ENEOS Group)
Tokyo
Refining, upstream links
Large
Integrated operations
18
Showa Shell Sekiyu K.K. (Idemitsu Group)
Tokyo
Integrated oil
Large
Refining & upstream activities
19
Taiyo Oil Co., Ltd.
Tokyo
Refining, upstream interests
Medium
Independent refiner with E&P
20
Kansai Electric Power Co.
Osaka
Utility, upstream investments
Large
Invests in oil/gas for fuel
21
Tokyo Gas Co., Ltd.
Tokyo
Gas utility, upstream oil/gas
Large
Upstream investments for supply
22
Osaka Gas Co., Ltd.
Osaka
Gas utility, upstream oil/gas
Large
Upstream investments for supply
23
Tohoku Electric Power Co.
Sendai
Utility, upstream investments
Large
Invests in oil/gas projects
24
Chubu Electric Power Co.
Nagoya
Utility, upstream investments
Large
Invests in oil/gas projects
25
Nippon Steel Trading Corporation
Tokyo
Trading, resource investments
Medium
Invests in upstream resources
26
Mitsui Oil Exploration Co. (MOECO)
Tokyo
Upstream oil & gas
Medium
Mitsui group E&P company
27
JAPAN LNG TRADING LLC (JAPEX, etc.)
Tokyo
Trading, upstream linked
Medium
JAPEX related trading venture
28
Nippon Mining & Metals Co. (JX Group)
Tokyo
Non-ferrous metals, energy
Medium
ENEOS group, resource interests
29
Mitsubishi Gas Chemical Company
Tokyo
Chemicals, upstream interests
Medium
Invests in resource projects
30
Toyota Tsusho Corporation
Nagoya
Trading, upstream interests
Large
Part of Toyota Group, energy E&P
This report provides a comprehensive view of the crude oil industry in Japan, tracking demand, supply, and trade flows across the national value chain. It explains how demand across key channels and end-use segments shapes consumption patterns, while also mapping the role of input availability, production efficiency, and regulatory standards on supply.
Beyond headline metrics, the study benchmarks prices, margins, and trade routes so you can see where value is created and how it moves between domestic suppliers and international partners. The analysis is designed to support strategic planning, market entry, portfolio prioritization, and risk management in the crude oil landscape in Japan.
Quick navigation
Key findings
Domestic demand is shaped by both household and industrial usage, with trade flows linking local supply to imports and exports.
Pricing dynamics reflect unit values, freight costs, exchange rates, and regulatory shifts that affect sourcing decisions.
Supply depends on input availability and production efficiency, creating a distinct national cost curve.
Market concentration varies by segment, creating different competitive landscapes and entry barriers.
The 2035 outlook highlights where capacity investment and demand growth are most aligned within the country.
Report scope
The report combines market sizing with trade intelligence and price analytics for Japan. It covers both historical performance and the forward outlook to 2035, allowing you to compare cycles, structural shifts, and policy impacts.
Market size and growth in value and volume terms
Consumption structure by end-use segments
Production capacity, output, and cost dynamics
Trade flows, exporters, importers, and balances
Price benchmarks, unit values, and margin signals
Competitive context and market entry conditions
Product coverageCountry coverageCountry profile and benchmarks
This report provides a consistent view of market size, trade balance, prices, and per-capita indicators for Japan. The profile highlights demand structure and trade position, enabling benchmarking against regional and global peers.
Methodology
The analysis is built on a multi-source framework that combines official statistics, trade records, company disclosures, and expert validation. Data are standardized, reconciled, and cross-checked to ensure consistency across time series.
International trade data (exports, imports, and mirror statistics)
National production and consumption statistics
Company-level information from financial filings and public releases
Price series and unit value benchmarks
Analyst review, outlier checks, and time-series validation
All data are normalized to a common product definition and mapped to a consistent set of codes. This ensures that comparisons across time are aligned and actionable.
Forecasts to 2035
The forecast horizon extends to 2035 and is based on a structured model that links crude oil demand and supply to macroeconomic indicators, trade patterns, and sector-specific drivers. The model captures both cyclical and structural factors and reflects known policy and technology shifts in Japan.
Historical baseline: 2012-2025
Forecast horizon: 2026-2035
Scenario-based sensitivity to income growth, substitution, and regulation
Capacity and investment outlook for major producing companies
Each projection is built from national historical patterns and the broader regional context, allowing the report to show where growth is concentrated and where risks are elevated.
Price analysis and trade dynamics
Prices are analyzed in detail, including export and import unit values, regional spreads, and changes in trade costs. The report highlights how seasonality, freight rates, exchange rates, and supply disruptions influence pricing and margins.
Price benchmarks by country and sub-region
Export and import unit value trends
Seasonality and calendar effects in trade flows
Price outlook to 2035 under baseline assumptions
Profiles of market participants
Key producers, exporters, and distributors are profiled with a focus on their operational scale, geographic footprint, product mix, and market positioning. This helps identify competitive pressure points, partnership opportunities, and routes to differentiation.
Business focus and production capabilities
Geographic reach and distribution networks
Cost structure and pricing strategy indicators
Compliance, certification, and sustainability context
How to use this report
Quantify domestic demand and identify the most attractive segments
Evaluate export opportunities and prioritize target destinations
Track price dynamics and protect margins
Benchmark performance against leading competitors
Build evidence-based forecasts for investment decisions
This report is designed for manufacturers, distributors, importers, wholesalers, investors, and advisors who need a clear, data-driven picture of crude oil dynamics in Japan.
FAQ
What is included in the crude oil market in Japan?
The market size aggregates consumption and trade data, presented in both value and volume terms.
How are the forecasts to 2035 built?
The projections combine historical trends with macroeconomic indicators, trade dynamics, and sector-specific drivers.
Does the report cover prices and margins?
Yes, it includes export and import unit values, regional spreads, and a pricing outlook to 2035.
Which benchmarks are included?
The report benchmarks market size, trade balance, prices, and per-capita indicators for Japan.
Can this report support market entry decisions?
Yes, it highlights demand hotspots, trade routes, pricing trends, and competitive context.
1. INTRODUCTION
Report Scope and Analytical Framing
Report DescriptionResearch Methodology and the Analytical FrameworkData-Driven Decisions for Your BusinessGlossary and Product-Specific Terms2. EXECUTIVE SUMMARY
Concise View of Market Direction
Key FindingsMarket TrendsStrategic ImplicationsKey Risks and Watchpoints3. DOMESTIC MARKET SIZE AND DEVELOPMENT PATH
Market Size, Growth and Scenario Framing
Market Size: Historical Data (2012-2025) and Forecast (2026-2035)Growth Outlook and Market Development Path to 2035Growth Driver DecompositionScenario Framework and Sensitivities4. CATEGORY SCOPE, DEFINITIONS AND BOUNDARIES
Commercial and Technical Scope
What Is Included and How the Market Is DefinedMarket Inclusion CriteriaProduct / Category DefinitionExclusions and BoundariesDistinction From Adjacent Products and Substitute Categories5. CATEGORY STRUCTURE, SEGMENTATION AND PRODUCT MATRIX
How the Market Splits Into Decision-Relevant Buckets
By Product Type / ConfigurationBy Application / End UseBy Customer / Buyer TypeBy Channel / Business Model / Technology PlatformSegment Attractiveness MatrixProduct Matrix and Segment Growth Logic6. DOMESTIC DEMAND, CUSTOMER AND BUYER ARCHITECTURE
Where Demand Comes From and How It Behaves
Consumption / Demand: Historical Data (2012-2025) and Forecast (2026-2035)Demand by End-Use and Buyer GroupDemand by Customer / Consumer SegmentPurchase Criteria, Switching Logic and Adoption BarriersReplacement, Replenishment and Installed-Base DynamicsFuture Demand Outlook7. DOMESTIC PRODUCTION, SUPPLY AND VALUE CHAIN
Supply Footprint and Value Capture
Production in the CountryDomestic Manufacturing FootprintCapacity, Bottlenecks and Supply RisksValue Chain Logic and Margin PoolsDistribution and Route-to-Market Structure8. IMPORTS, EXPORTS AND SOURCING STRUCTURE
Trade Flows and External Dependence
ExportsImportsTrade BalanceImport DependenceSourcing Risks and Resilience9. PRICING, PROMOTION AND COMMERCIAL MODEL
Price Formation and Revenue Logic
Domestic Price Levels and CorridorsPricing by Segment / Specification / ChannelCost Drivers and Margin LogicPromotion, Discounting and Procurement PatternsRevenue Quality and Commercial Levers10. COMPETITIVE LANDSCAPE AND PORTFOLIO POWER
Who Wins and Why
Market Structure and ConcentrationCompetitive ArchetypesSegment-by-Segment Competitive IntensityPortfolio Breadth and Product PositioningCapability MatrixStrategic Moves, Partnerships and Expansion Signals11. DOMESTIC MARKET STRUCTURE AND CHANNEL LOGIC
How the Domestic Market Works
Core Demand CentersLocal Production and Distribution RolesChannel StructureBuyer and Procurement ArchitectureRegional Imbalances Within the Country12. GROWTH PLAYBOOK AND MARKET ENTRY
Commercial Entry and Scaling Priorities
Where to PlayHow to WinDistributor / Partner / Direct Entry OptionsCapability ThresholdsEntry Risks and Mitigation13. WHERE TO PLAY NEXT: MOST ATTRACTIVE GROWTH OPPORTUNITIES
Where the Best Expansion Logic Sits
Most Attractive Product NichesMost Attractive Customer SegmentsWhite Spaces and Unsaturated OpportunitiesHigh-Margin and Underpenetrated PocketsMost Promising Product Adjacencies14. PROFILES OF MAJOR COMPANIES
Leading Players and Strategic Archetypes
Leading Manufacturers and SuppliersProduction Footprint and CapacitiesProduct Portfolio and Segment FocusPricing Positioning and Indicative Price LogicChannel / Distribution StrengthStrategic Archetypes15. METHODOLOGY, SOURCES AND DISCLAIMER
How the Report Was Built
Modeling LogicSource RegisterPublications, Regulatory and Industry ReferencesAnalytical NotesDisclaimer
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ENEOS Holdings
Largest refiner, domestic & intl. upstream
INPEX Corporation
Japan’s largest upstream oil/gas company
Japan Petroleum Exploration (JAPEX)
Domestic & international E&P
Idemitsu Kosan
Refining & upstream projects
Mitsubishi Corporation
Diversified sogo shosha, global oil assets
Mitsui & Co.
Sogo shosha, global oil & gas projects
Cosmo Energy Holdings
Refining & upstream ventures
ITOCHU Corporation
Sogo shosha with energy investments
Sumitomo Corporation
Sogo shosha, global resource projects
JX Nippon Oil & Gas Exploration
ENEOS upstream subsidiary
Japan Oil, Gas and Metals National Corp (JOGMEC)
Supports Japanese companies upstream
INPEX Offshore North Caspian Sea Ltd. (via INPEX)
Kashagan field participant
Teikoku Oil (Conducted by JAPEX)
Historical producer, now under JAPEX
Japan Petroleum Development Association
Represents domestic upstream interests
Sojitz Corporation
Sogo shosha with oil & gas assets
Marubeni Corporation
Sogo shosha, global energy projects
TonenGeneral Sekiyu K.K. (ENEOS Group)
Integrated operations
Showa Shell Sekiyu K.K. (Idemitsu Group)
Refining & upstream activities
Taiyo Oil Co., Ltd.
Independent refiner with E&P
Kansai Electric Power Co.
Invests in oil/gas for fuel
Tokyo Gas Co., Ltd.
Upstream investments for supply
Osaka Gas Co., Ltd.
Upstream investments for supply
Tohoku Electric Power Co.
Invests in oil/gas projects
Chubu Electric Power Co.
Invests in oil/gas projects
Nippon Steel Trading Corporation
Invests in upstream resources
Mitsui Oil Exploration Co. (MOECO)
Mitsui group E&P company
JAPAN LNG TRADING LLC (JAPEX, etc.)
JAPEX related trading venture
Nippon Mining & Metals Co. (JX Group)
ENEOS group, resource interests
Mitsubishi Gas Chemical Company
Invests in resource projects
Toyota Tsusho Corporation
Part of Toyota Group, energy E&P
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