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Japan to Find Alternative Middle Eastern Crude Supplies in Case of Iranian Shortfall
JXTG Holdings, Japan’s biggest oil refiner, will increase its purchases from other Middle Eastern nations to meet potential shortfalls of Iranian crude following the resumption of US sanctions against Tehran, Reuters reports citing statements from the Group’s President. Iranian crude accounts for 4-5% of JXTG’s total imports. This implies purchases of 70-80K b/d based on the company’s capacity of 1.93M b/d at its current refinery rate of 91%.
Japan imported 193K b/d of Iranian crude in 1Q18, up 21K b/d from last year’s average. Overall supplies from the Middle East in 1Q18 of 2.87M b/d accounted for nearly 89% of total Japanese imports.
By mid-afternoon in London, ICE Brent was trading at $77.41/bbl, down $0.06/bbl from the end of Thursday’s trading day. The ICE Brent/WTI spread stood at $6.16/bbl, up $1.01/bbl w-o-w and $1.48/bbl from the average year-to-date.