Japan’s crude oil imports reach four-month low in March

Oil

Japan’s crude oil imports declined by 240K b/d m-o-m and 780K b/d y-o-y to 2.34M b/d in March, falling for the third consecutive month to the lowest level since November 2020, according to data from the Ministry of Economy Trade and Industry (METI). Imports from the Middle East Gulf decreased by 290K b/d m-o-m and 810K b/d y-o-y to 2.12M b/d, accounting for around 91% of the figure. Total oil product imports fell by 120K b/d m-o-m to 680K b/d, with arrivals of kerosene decreasing by 70K b/d m-o-m to 50K b/d, whereas exports increased by 50K b/d m-o-m to 420K b/d, supported by loadings of gasoil and jet fuel which rose by 50K b/d m-o-m to 80K b/d and 10K b/d m-o-m to 70K b/d respectively.