Kuwait’s Crude Oil Exports to Japan down 33.3 Percent

Source: KUNA 11/30/2011, Location: Middle East

Kuwait's crude oil exports to Japan fell 33.3 percent in October from a year earlier to 6.54 million barrels, or 211,000 barrels per day (bpd), for the first drop in two months, the government said. Kuwait, the fifth-biggest oil provider to Japan last month, supplied 6.2 percent of Japan's total crude imports, compared with 9.3 percent in the same month of last year and 8.9 percent in September, the Japanese Natural Resources and Energy Agency said in a preliminary report.

The value of Japan-bound shipments steadily account for 20 percent of Kuwait's total oil revenue, Kuwait Petroleum Corporation (KPC) Chief Executive Officer Farouk Al-Zanki said in October. Japan's overall imports of crude oil edged up 0.2 percent year-on-year to 105.44 million barrels, or 3.40 million bpd, for the second consecutive month of rise. Shipments from the Middle East accounted for 84.3 percent of the total, down 2.0 percentage points from the year before.

Saudi Arabia remained Japan's biggest oil supplier, with imports from the kingdom gained 13.2 percent from a year earlier to 1.03 million bpd, followed by the United Arab Emirates with 737,000 bpd, up 2.3 percent. Qatar ranked third, with shipments rising 0.1 percent to 355,000 bpd, and Iran became fourth with 262,000 bpd, up 2.3 percent. Resources-poor Japan is the world's third-largest oil consumer after the US and China, and it relies on crude oil imports for about 50 percent of its energy needs. Shipments of direct-deal, which prices are based on the average spot price of Dubai crude, the benchmark for Asia, account for about 80 percent of Japan's crude imports.


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