Japan Oil Trade - June 2015

Japan’s crude oil imports dropped in April by 335 tb/d or 9% to average 3.4 mb/d, reaching the lowest level seen since January 2015, while on an annual basis, they dropped by 178 tb/d or 5%. Saudi Arabia was the top crude supplier to Japan, holding a share of 31% of total crude exports to the country, although there was a decline in its export volume from the previous month. UAE came in as the second largest supplier to Japan with a share of 25% of total crude imports. Russia came in third place, holding a share of 13%. Japan’s imports from UAE decreased by 74 tb/d in April m-o-m, while imports from Russia were up from the previous month by 177 tb/d.

Japan’s product imports also dropped in April, falling by 17 tb/d to average 613 tb/d, the lowest level seen since October 2014. This decline came mainly as a result of lower imports of fuel oil and LPG, which dropped by 42% and 9%, respectively. At the same time, Japan’s domestic product sales increased by 6.1% from last year.

Japan’s exports in April were up from the previous month by 70 tb/d to average 562 tb/d.

Accordingly, Japan’s net imports dropped in April by 422 tb/d to average 3.4 mb/d, reflecting monthly and annual declines of 11% and 2%, respectively.