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Japan Oil Trade - December 2016

Source: OPEC 1/9/2017, Location: Asia

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Japan’s crude oil imports dropped in October by 182 tb/d, or 6%, to average 3.1 mb/d. Y-o-y, crude imports also declined in October by 67 tb/d, or 2%.

As to supplier share, Saudi Arabia and the UAE remained the main suppliers to Japan, holding shares of 41% and 23%, respectively. Qatar held the third position in October with a share of 7%, while volumes from Saudi Arabia rose by 233 tb/d. Imports from the UAE and Qatar were down from a month earlier by 146 tb/d and 101 tb/d, respectively.

On the other hand, product imports were stable in October, averaging 440 tb/d and reflecting a drop of 23% y-o-y. Following 13 consecutive months of annual decline, domestic product sales reached a 34-year low in the month of October.

Japan’s product exports in October dropped by 169 tb/d, or 25%, to average 494 tb/d. In a y-o-y comparison, they went down by 100 tb/d from a year before.

Accordingly, Japan’s net imports were broadly unchanged in October, dipping by a slight 7 tb/d, to average 3 mb/d.

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