A Japanese refiner bought Mexican crude oil for the first time since 2023 as it navigates supply disruptions triggered by the Iran war and the near-closure of the Strait of Hormuz. 

Vessels Eagle Kuantan and Eagle Kangar are set to load a combined 1 million barrels of Isthmus crude oil for Cosmo Energy Holdings Co. in coming days, according to a shipping report seen by Bloomberg. The oil, supplied by Petroleos Mexicanos’ trading arm PMI, is loading out of Pemex’s Pajaritos terminal, on the Atlantic coast. 

Over 90% of Japan’s crude oil supply comes from the Middle East, mostly from Saudi Arabia, the United Arab Emirates, Kuwait and Qatar, countries that have been impacted by the near-shuttering of Hormuz. A shortage of petroleum products in Japan has affected sectors from food production to medical equipment makers.

Tokyo-based Cosmo said it has been able to secure supplies from elsewhere, such as Mexico and the U.S., to guarantee fuelmaking at its three refineries for the next three months. 

In April, Japanese Prime Minister Sanae Takaichi spoke with Mexican President Claudia Sheinbaum about the possibility of Pemex to supply oil to Japan amid the Iran war.