Japan's crude-oil import unit price reached a record high in May 2026, according to data from the Ministry of Finance [1, 2].
The surge in costs reflects a strategic pivot in energy sourcing. As Japan reduces its reliance on Middle East supplies, the adoption of more expensive alternatives has pressured the national trade balance.
Trade statistics for May 2026 show the import unit price hit 114,076 yen per kiloliter [2]. This represents a significant increase over the April 2026 price of 101,400 yen per kiloliter [7]. During the same period, the total volume of crude-oil imports fell by approximately 60% year-on-year to 4.73 million kiloliters [1].
This volatility is linked to a shift in procurement origins. Imports of crude oil from the U.S. increased by more than 20% year-on-year [2]. Conversely, imports from the Middle East plummeted; reports indicate a decrease of more than 60% [2], with some estimates placing the reduction at approximately 70% compared to the same period in 2025 [5].
Prime Minister Takashi Takashi said that regarding alternative procurement of crude oil that does not pass through the Strait of Hormuz, about 60% of the previous year's volume had been secured in May [8].
The financial impact of these shifting trade patterns contributed to a trade deficit of 378.6 billion yen for the month of May [1]. The transition to higher-priced crude from the U.S. to replace declining Middle East supplies directly raised the average import unit price [2].
“Japan's crude-oil import unit price reached a record high in May 2026”
Japan is actively diversifying its energy portfolio to mitigate geopolitical risks associated with the Strait of Hormuz. While this shift enhances energy security by reducing dependence on a single region, it introduces immediate economic volatility. The record-high unit prices and widening trade deficit demonstrate the financial premium Japan is paying for a more resilient, albeit more expensive, supply chain.
