Japan’s crude oil imports fall in January

Oil

Japan’s crude oil imports declined by 250K b/d m-o-m to 2.72M b/d in January, falling to the lowest level since October after previously reaching a 21-month high in December, according to data from the Ministry of Economy Trade and Industry (METI). Despite falling to a three-month low this is still an increase of 140K b/d y-o-y however. Arrivals from the Middle East Gulf decreased by 340K b/d m-o-m to 2.49M b/d, accounting for 92% of the total figure.

Total clean oil product imports declined by 20K b/d m-o-m to 630K b/d, with arrivals of naphtha falling by 20K b/d m-o-m to a six-month low of 520K b/d. Clean oil product exports increased by 90K b/d m-o-m to 400K b/d, the highest level since December 2019, supported by loadings of gasoline which rose by 40K b/d m-o-m to 120K b/d.