Japan’s crude oil imports plunged in June
Japan’s crude oil imports dropped 370K b/d m-o-m and 870K b/d y-o-y to 1.91M b/d in June, according to data from the Ministry of Economy Trade and Industry (METI), which newswires reported was the lowest level in 54 years. Imports from the Middle East fell by 300K b/d m-o-m to 1.82M b/d, accounting for 95% of total imports for the month. Loadings from Saudi Arabia, Japan’s largest supplier, were down by 170K b/d m-o-m (or 18%) to 760K b/d. Crude oil refinery throughput edged up by 4K b/d m-o-m, however this is a decline of 810K b/d y-o-y.