Japan’s crude imports jump to sixteen-month high
Japan’s crude oil imports increased by 640K b/d m-o-m and 370K b/d y-o-y to 2.73M b/d in August, rising to the highest level since April 2020, according to data from the Ministry of Economy Trade and Industry (METI). Shipments from the Middle East Gulf built by 510K b/d m-o-m and 430K b/d y-o-y to 2.51M b/d, accounting for 92% of the total figure.
Total clean oil product exports rose by 90K b/d m-o-m to the highest level since March 2020 at 310K b/d, supported by loadings of gas oil and jet fuel which rose by 50K b/d m-o-m to 140K b/d and by 20K b/d m-o-m to 130K b/d respectively. Clean oil product imports also increased by 60K b/d m-o-m to a three-month high of 650K b/d, with naphtha arrivals rising by 90K b/d m-o-m to 560K b/d, whereas gasoline imports fell by 20K b/d m-o-m to a five-month low of 50K b/d.