Japan’s crude oil imports reach one-year high

Oil

Japan’s crude oil imports increased by 310K b/d m-o-m to 2.65M b/d in April, rising to the highest level in a year after previously falling to a four-month low in March, according to data from the Ministry of Economy Trade and Industry (METI). Arrivals from the Middle East Gulf rose by 310K b/d m-o-m to 2.44M b/d, accounting for around 92% of the total. Oil product imports increased by 40K b/d m-o-m and 160K b/d y-o-y to 720K b/d, with shipments of naphtha building by 20K b/d m-o-m and 150K b/d y-o-y to 570K b/d, an eight-month high. Imports of kerosene fell by 30K b/d m-o-m to 20K b/d however, the lowest level since August 2020. Product exports declined by 150K b/d m-o-m and 40K b/d y-o-y to a six-month low of 270K b/d, with loadings of gasoline and gasoil decreasing by 40K b/d m-o-m to 30K b/d and 70K b/d m-o-m to 10K b/d respectively.