Japan’s crude oil imports reach eight-month high in December

Oil

Japan’s crude oil imports increased by 310K b/d m-o-m to 2.61M b/d in December, rising for the third consecutive month to the highest level since April 2020, according to data from the Ministry of Economy Trade and Industry (METI). Imports from the Middle East Gulf grew by 270K b/d m-o-m to 2.42M b/d, accounting for approximately 92% of the total figure.

Despite reaching an eight-month high in December, crude oil imports declined by 610K b/d (or 19%) y-o-y, and also fell by 550K b/d (or 18%) y-o-y to average 2.47M b/d across 2020, the lowest annual level since the late 1960s according to Reuters.