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Oil Trade

OPEC Monthly Oil Market Report – August 2017

69

Japan

Japan’s crude oil imports

increased slightly in June, expanding by 25 tb/d to average 2.8 mb/d. On a y-o-y

basis, crude imports declined in June by 325 tb/d, or 10%.

Graph 8 - 3: Japan’s imports of crude and petroleum products

With regard to the

crude

suppliers’ share

, Saudi Arabia, the UAE and Russia were the top suppliers to

Japan in June. Saudi Arabia was the top supplier with a 35%share of total crude exports. The UAE was the

second largest supplier with a share of 26% and Russia was third with a share of 10%.

Japan’s

crude imports

from Saudi Arabia were lower in June by 145 tb/d compared to the previous month.

Imports from the UAE and Russia increased by 116 tb/d and 93 tb/d, respectively, from the previous month.

In terms of

product imports

, Japan saw a monthly drop of 143 tb/d in June to average 545 tb/d, down by

7% m-o-m. However, this level is up by 32% y-o-y.

Nevertheless, Japan's oil product sales declined by 0.7% in June compared to a year earlier. From the

perspective of

product exports

in June, Japan’s numbers fell by 14 tb/d, or 3%, to average 509 tb/d. The

y-o-y comparison also showed a drop of 65 tb/d.

Graph 8 - 4: Japan’s exports of petroleum products

Accordingly, Japan’s

net imports

dropped slightly in June to average 2.8 mb/d. This is a drop of less than

4% from the same month last year.

0

1

2

3

4

5

0

200

400

600

800

1,000

1,200

Jun 16

Jul 16

Aug 16

Sep 16

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

mb/d

tb/d

Others*

LPG

Naphtha

Fuel oil

Crude oil

Note: *Others: Contains gasoline, jet fuel, kerosene, gasoil, asphalt and paraffin wax.

Sources: Ministry of Economy, Trade and Industry of Japan and OPEC Secretariat.

0

100

200

300

400

500

600

700

0

100

200

300

400

500

600

700

Jun 16

Jul 16

Aug 16

Sep 16

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

tb/d

tb/d

Fuel oil

Gasoil

Jet fuel

Others*

*Others: Contains LPG, gasoline, naphtha, kerosene, lubricating oil, asphalt and paraffin wax.

Sources: Ministry of Economy, Trade and Industry of Japan and OPEC Secretariat.