As US-Japan cooperation deepens, American oil reserves have been a lifeline

Scott Bessent recently vowed to do “whatever it takes” to support the yen. But the US and Japan have also been cooperating in the energy market.

Japan is increasingly sourcing American crude. The US accounted for over 30% of Japan’s oil imports in June, compared with just 3.8% in 2025.

Japan is keen to rebuild its inventories after the Hormuz crisis; Prime Minister Sanae Takaichi said her country would stockpile US oil as part of a diversification drive. She also said both countries would work together to expand US production. The result of this shift is that Japan has now become an increasingly important export market for the world’s No. 1 oil producer. Meanwhile, the US has been releasing oil from its Strategic Petroleum Reserve to prevent shocks in the global market. While American exports’ steep acceleration is probably over, crude shipments are likely to remain sustained at high levels.