Japan gets 72% of its oil through Hormuz.
Now its Australian LNG is being disrupted too.
Workers at Ichthys LNG one of Japan's most critical gas supply projects just extended their strike until July 6 after a tribunal rejected Inpex's bid to halt it.
Ichthys produces 9.3 LNG per year.
Japan buys 5.7 million tons of that.
Every year from Japanese utilities Tokyo Gas, Kyushu Electric, JERA, Osaka Gas.
This is a cornerstone of Japan's energy security and it's hitting at the worst possible moment.
Japan's Industry Minister is now personally monitoring the situation and scrambling for contingency supply.
This is what energy vulnerability looks like in practice.
Japan spent decades building a diversified supply strategy Middle East oil, Australian LNG, US imports specifically to avoid depending on any one source.
Right now, 2 of those three are simultaneously under pressure.
The world keeps finding new reasons why supply normalization is harder than the headlines suggest.
