Japanese refineries operated at only two-thirds of their capacity last week, a rate nearly unchanged from the previous week. This underscores the difficulties Japan faces in quickly securing alternative crude supplies after Middle Eastern shipments were reduced due to conflict involving Iran.

Data released on Wednesday by the Petroleum Association of Japan showed that refinery utilization stood at 67.8% in the week ending April 11, essentially flat compared with 67.7% the prior week. This remains significantly lower than the pre-conflict levels of over 80% seen in late February.

Officials indicated that Japan has been releasing national petroleum reserves and has successfully arranged alternative crude supplies. These volumes are sufficient to cover more than half of the crude imported via the Strait of Hormuz last May, suggesting refinery operations could improve next month.

Overall, Middle Eastern crude typically accounts for about 95% of Japan’s total crude imports.