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Market Chatter: Idemitsu Reroutes Saudi Crude via Suez to Offset Hormuz Disruptions

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Japanese oil refiner Idemitsu Kosan (TYO:5019) has begun sourcing Saudi Arabian crude through the Suez route and the Cape of Good Hope, Reuters reported Tuesday, citing President Noriaki Sakai in an interview.

Sakai said the company was also tapping UAE supplies via Fujairah and North American imports to offset the Strait of Hormuz closure, the newswire said.

The executive acknowledged longer delivery times and higher costs but ruled out any immediate procurement disruptions, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Market Chatter: Idemitsu Reroutes Saudi Crude via Suez to Offset Hormuz Disruptions | FINWIRES