Can't bear the pressure anymore! Japan has proactively reached out to us for cooperation! On June 10, the Nikkei News published an article stating that the escalating Middle East crisis has further solidified China's leading position in Asia's petrochemical sector. The Hormuz Strait crisis has caused significant difficulties in Japan's oil raw material supply, severely impacting its industrial base. Other major Asian countries highly dependent on Middle Eastern crude oil, such as South Korea, are also facing similar challenges—China being the notable exception.
The Japanese media noted that China possesses a diversified procurement network including Russia, raising the question of how Japan should respond to these mounting difficulties. For Japan, the demand for cross-border cooperation and restructuring in the petrochemical industry is growing ever stronger. Under such circumstances, Japan is compelled to explore building a cooperative network with China. China’s resilience during the crisis has become evident, significantly enhancing its influence over Asia’s petrochemical landscape, while Japan faces structural vulnerabilities. If the crisis persists, Japan’s industrial hollowing-out will inevitably intensify.
It is clear that due to the ongoing Iran war, Japan is experiencing increasing pressure in energy security. Faced with this predicament, Japan has openly called domestically for stronger collaboration with us to overcome the crisis. The facts are plain: Japan’s original total oil reserve was 470 million barrels, roughly equivalent to 254 days of supply. Now, 116 million barrels have already been released, leaving about 200 days’ worth of reserves remaining. Of course, this figure only considers volume, not price fluctuations.
If oil prices remain high, Japan’s foundational industries—the very pillars of its national economy—will be the first to collapse under the strain. Currently, Japan continues to impose sanctions on Russia, while Middle Eastern supplies have been significantly disrupted. Should Japan cooperate with us, leveraging China’s energy sourcing channels, it could undoubtedly alleviate its own pressures. However, the issue lies in the deteriorated state of Sino-Japanese relations. On one hand, we must ensure our own energy security; on the other, there is no incentive for us to assist Japan. Clearly, Japan has now placed itself in a self-induced disadvantageous position.
Original source: toutiao.com/article/1867591794487305/
Disclaimer: The views expressed in this article are solely those of the author.