Japan’s crude imports reach 21-month high in December

Oil

Japan’s crude oil imports increased by 160K b/d m-o-m and 360K b/d y-o-y to 2.97M b/d in December, rising for the second consecutive month to the highest level since March 2020, according to data from the Ministry of Economy Trade and Industry (METI). Arrivals from the Middle East Gulf rose by 260K b/d m-o-m to a 21-month high of 2.83M b/d, accounting for 95% of the total figure. Across 2021 Japan’s crude imports averaged 2.49M b/d, which is an increase of 20K b/d y-o-y but down by 530K b/d compared to 2019 levels.

Total clean oil product imports rose by 30K b/d m-o-m to 650K b/d, supported by arrivals of kerosene which increased by 30K b/d m-o-m to a ten-month high of 60K b/d. Clean oil product exports built by 40K b/d m-o-m to 310K b/d, with loadings of gas oil rising by 50K b/d m-o-m to 130K b/d, whereas shipments of gasoline fell by 20K b/d m-o-m to 80K b/d.