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Japan’s crude oil imports in May 2012 fell by 9.1% to 3.6 mb/d m-o-m. Crude imports increased by 16% for the same month. In terms of sources, crude imports from Saudi Arabia, Kuwait and Vietnam all witnessed an increase in their export volumes to Japan in May. Products imports declined as well by 50 tb/d or 7.7% from levels seen in April 2012. However, a 19.6% increase has been registered in this sector compared to the previous year. Product exports for the same period increased by 5% m-o-m, to average 477 tb/d, and increased by 6.2% on a y-o-y basis. Consequently, Japan’s net oil imports have decreased by 432 tb/d or 10.5% from a month earlier to reach 3.7 mb/d in May. Nevertheless, annual figures have shown an increase of 564 tb/d, which is equal to an 18% gain over the same period of 2011.
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