Japan Oil Trade in February 2012
Source: OPEC 3/13/2012, Location: Asia
Japan’s crude oil imports increased for the second consecutive month in January, after a stable period of crude imports, which stood around an average of 3.5 mb/d during the second half of the year. January crude imports increased m-o-m to 3.94 mb/d representing an increase of 65 tb/d or 1.7% compared to December’s level. On y-o-y, January’s level represents a decline of 78 tb/d or 1.9%. Product imports, including LPG, decreased to 1.1 mb/d, which represents a decrease of 39 tb/d or 3.4% compared to the month before and an increase of 79 tb/d or 7.7% on a y-o-y basis. Product exports, including LPG, decreased in January by 106 tb/d or 24.2%, averaging 0.33 mb/d. On a y-o-y basis, a decrease of 222 tb/d or 40.1% was registered. As a result, Japan’s net oil imports in January 2012 increased by 133 tb/d or 2.9% m-o-m to 4.7 mb/d. On a y-o-y basis, an increase of 223 tb/d or 5.0% was seen. The increase can be attributed mainly to the net trade in products which was 67 tb/d or 9.6% on a m-o-m basis.
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