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Japan Oil Trade in March 2012

Source: OPEC 4/14/2012, Location: Asia

Japan’s crude oil imports decreased in February, after a period of steady increases starting in October 2011. They were 85 tb/d, or 2.2%, down from January’s level to 3.85 mb/d. Y-o-y, this represented a increase of 2.7%. Product imports, including LPG, rose to 1.2 mb/d, which represented an increase of 10%, or 111 tb/d, m-o-m and of 84 tb/d, or 7.4%, y-o-y.

Product exports, including LPG, increased in February by 22 tb/d, or 6.7%, to average 0.35 mb/d. Y-o-y, this meant a decrease of 214 tb/d, or 38%. As a result, Japan’s net oil imports increased in January to 4.7 mb/d, up by 4 tb/d, or 0.1%, from the month before. On a y-o-y basis, there was a rise of 267 tb/d, or 6.0%. The increase can be attributed mainly to the positive net trade in products, which was up 88 tb/d, or 11.5%, m-o-m.

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