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Japan Holds Off On New Oil Reserve Release Despite September Import Drop

Authored by Irina Slav via OilPrice.com,

Japan expects its oil imports next month to be lower than this month's but has no plans to release additional crude from storage, the country's economy minister said.

Oil imports next month are seen at 80% of the average monthly for 2025, Ryosei Akazawa said, as quoted by Reuters. The report noted that the August import rate had been 100% of the 2025 monthly total.

The change is prompted by the redirection of tanker traffic from the Bab el-Mandeb Strait to the Suez Canal, as Yemeni Houthis threaten attacks on vessels in the Red Sea chokepoint. A tanker takes 23 days to reach Japan via the Bab el-Mandeb strait but more than twice that, at 55 days, via the Suez Canal, Akazawa told media.

"Of the national reserves for which a release has already been decided, there remains a portion that has not been utilised due to progress in securing alternative supplies. Using that portion would ensure (September) crude oil supply equivalent to an average month last year," the top official also said.

Japan in March announced a release of 80 million barrels of crude and fuels in response to the supply squeeze in the Middle East resulting from the U.S. and Israeli strikes on Iran at the end of February that launched the latest war in the region. The amount was equal to 50 days of demand in one of the world's biggest energy importers.

Japan relied on Middle Eastern producers for as much as 95% of its oil imports, which made it especially vulnerable to conflict in the Persian Gulf. Since then, Japan has made an effort to diversify its sources of crude, buying from Canada, Azerbaijan, and African producer countries. This has come at a price, however, with the country's import bill running at record highs because of energy commodities. The import bill for July hit an all-time high of $89.46 billion.

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Iran Says Persian-Language Media Outlets 'Funded By CIA' Are Military Targets

One key tool Washington has long utilized for influence operations and covert regime change plotting abroad has long been the establishment of foreign media for political messaging.

The idea is that a foreign language satellite news channel gets presented as 'independent' while in reality it beams propaganda onto a unsuspecting population within a so-called 'rogue' state being targeted by the US.

For example, WikiLeaks previously revealed that US intelligence invested heavily in such projects to bolster anti-Assad forces and sentiment in the context of last decade's proxy war in Syria.

Currently, Iran says it is fully aware of several Persian-language media outlets which are subversive, given they have the backing of the US, UK, or Israeli governments, or others like Saudi Arabia.

Iran International TV claims to be a privately funded channel based in west London and was established in May 2017.

The AFP in a Wednesday report has said Iranian state media has newly called out the following as hostile propaganda media fronts:

• BBC Persian
• Iran International
• Radio Farda

An Iranian military spokesman has said these have been added to the armed forces' "military target bank" - putting the outlets on notice that their offices and infrastructure could come under attack.

"These hostile media outlets are the soldiers of Zionism and America and are included in our military target bank," military spokesman Abolfazl Shekarchi announced.

He charged that they are "directly connected to Mossad, CIA and enemy intelligence organizations." He emphasized: "The Iranian Armed Forces do not view these news outlets as media."

And interestingly, per AFP: "Iran has designated Iran International as a terrorist organization since 2022 and has warned that cooperation with the channel is punishable under Iranian law."

Earlier in the Iran war, we featured analysis which pointed out that Iran International calls itself the "most popular Persian speaking foreign based news channel in Iran".It employs 700 people and broadcasts into Iran from London via satellite, radio and social media outlets.

Iran International has been accused by critics of promoting “regime change” in Iran and advancing the position of the former shah’s son, Reza Pahlavi, for a return to power. The outlet has long denied links to Israel or Saudi Arabia. The outlet reported heavily on protests that struck Iran at the beginning of this year, sparked by a cost-of-living crisis brought on, in part, by US sanctions.

In January 2025, the news site reported that more than 36,500 people were killed in a crackdown on protests. Those numbers were significantly higher than those estimated by the US and other western-based human rights groups.

US President Donald Trump cited casualty numbers similar to those reported by Iran International days before launching a war on Iran on February 28, but did not disclose where he had gotten the death toll number.

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India's Crude Import Bill Surges As Hormuz Shipping Rates Soar

Authored by Tsvetana Paraskova via OilPrice.com,

India's crude oil import bill has soared since the Iran war choked Middle Eastern oil supply, raised benchmark crude prices, quadrupled freight rates, and boosted insurance on a single Strait of Hormuz voyage to never-before-seen highs.

India has been paying elevated prices to import Middle Eastern crude not only because of the spike in oil prices, but also due to the surging costs to bring supply from the nearest region from which it can import crude.

The freight rates on the key route from Ras Tanura on Saudi Arabia's Persian Gulf to India have soared by more than 400% since February 28, when the war began, and Iran closed off the Strait of Hormuz. The rate for shipping crude on a very large crude carrier (VLCC) from Ras Tanura to India surged by 411% to $4.34 a barrel in August, from just $0.85 per barrel before the war, according to data compiled by Indian outlet Financial Express.

The cost of shipping non-Middle Eastern cargoes has also soared amid a spike in demand for barrels not needing the Strait of Hormuz to reach India. The Corpus Christi-India freight rates have jumped by 150% to $15.86 a barrel from $6.35 a barrel pre-war, while the cost to transport crude oil from Russia's Ust-Luga port on the Baltic Sea on Suezmax tankers has more than doubled to $19.90 a barrel from $8.40 per barrel in February.

War-risk insurance has also jumped from a quarter of a million U.S. dollars for a Hormuz voyage before the war, to up to $10 million for a single passage through the chokepoint now.

The soaring shipping and war-risk insurance costs add to already high prices of India's imports as Brent Crude prices have risen by about 25% since the Iran war began, with spikes into the $100s on several occasions.

India paid 60% more for crude oil imports in the April-June quarter compared to the same period last year, as the surge in oil prices couldn't offset slightly lower import volumes.

The rise continued into the beginning of the third quarter, with the July import bill 41% higher from a year earlier.

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