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Oil Trade

OPEC Monthly Oil Market Report – October 2017

71

Japan

The declining trend seen earlier in Japan continued, with

crude oil imports

dropping in August by 145 tb/d,

or 4%, to average 3.2 mb/d. Y-o-y, crude imports saw no changes.

As seen the previous month, Saudi Arabia, the UAE and Kuwait were the

top crude suppliers

to Japan in

August. Saudi Arabia came in again as largest crude supplier to Japan, with a share of 42% of total crude

imports, though the volume was up by 16 tb/d from a month before. The UAE was the second-largest

supplier to Japan with a share of 27% of total crude imports, while Kuwait held the third position in August

with a share of 6%. Volumes imported from the UAE were up by 180 tb/d from the previous month, while

Kuwait exported 29 tb/d less crude to Japan.

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

Japan’s

product imports

were up in August by 55 tb/d to average 588 tb/d, an increase of 10% m-o-m and

2% from last year. As seen earlier, Japan’s oil product sales fell by 0.8% in August from a year earlier,

mainly on lower gasoline sales.

Japan’s

product exports

rose in August by 63 tb/d to average 671 tb/d. In a y-o-y comparison, the figure

remained higher than last year by 22 tb/d.

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

Accordingly, Japan’s

net oil imports

declined in August by 152 tb/d to average 3.1 mb/d, marginally below

the previous year by just 12 tb/d.

0

1

2

3

4

5

0

200

400

600

800

1,000

1,200

Aug 16

Sep 16

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

Jul 17

Aug 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

Aug 16

Sep 16

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

Jul 17

Aug 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.