Japan should keep focus on cheap Mideast oil, local refiner says

What happened: Taiyo Oil CEO Takahiro Yamamoto said Japan should keep relying on the Middle East for most of its crude, pushing back against a government diversification drive prompted by the U.S.-Iran war. Key numbers: Yamamoto said it is better to rely on the Middle East for more than 90% of Japan's needs. Why it matters: Yamamoto said diversification imposes significant cost in normal times, and argued energy security should mean remaining secure despite dependency rather than avoiding it. He expects Taiyo's Middle East share to return to 40% when conditions normalize.

Taiyo Oil CEO Takahiro Yamamoto said Japan should keep relying on the Middle East for most of its crude, pushing back against a government diversification drive prompted by the U.S.-Iran war.

Yamamoto said diversification imposes significant cost in normal times, and argued energy security should mean remaining secure despite dependency rather than avoiding it. He expects Taiyo's Middle East share to return to 40% when conditions normalize.