Japan’s crude oil imports fall to one-year low

Oil

Japan’s crude oil imports declined by 480K b/d m-o-m to 1.94M b/d in June, falling for the second month in a row to the lowest level since the same month last year, according to data from the Ministry of Economy Trade and Industry (METI). Arrivals from the Middle East Gulf decreased by 450K b/d m-o-m to 1.8M b/d, the lowest since 1998, and accounted for around 93% of the total figure.

Total clean oil product imports fell by 100K b/d m-o-m to an eight-month low of 620K b/d, with shipments of naphtha and gasoline decreasing by 50K b/d m-o-m to 480K b/d and by 30K b/d m-o-m to 90K b/d respectively. Clean oil product exports increased by 70K b/d m-o-m to 190K b/d however, bolstered by loadings of gas oil which rose by 30K b/d m-o-m to 60K b/d.