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Oil Trade

OPEC Monthly Oil Market Report – November 2017

69

Japan

Japan’s

crude oil imports

saw a decline by 34 tb/d, or 1%, to average 3.1 mb/d in September. On a y-o-y

comparison, crude imports showed a decline of 66 tb/d, or 2%.

As to the

crude

suppliers

’ share, Saudi Arabia, the UAE and Kuwait remained the top suppliers to Japan in

September. Saudi Arabia held a share of 37% of total crude imports in Japan, the UAE was the second

largest supplier with a share of 27%, while Kuwait held the third position in September with a share of 9%.

Imports from both top countries declined in September from a month earlier by 174 tb/d, and 36 tb/d,

respectively. Imports from Kuwait increased by 75 tb/d.

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

petroleum products

Graph 8 - 4: Japan’s exports of crude and

petroleum products

Product imports

declined in September by 145 tb/d, or 24%, m-o-m, to average 442 tb/d, the lowest level in

the current year so far. However product imports were almost flat from the previous year. Japan’s domestic

oil product sales rose 0.6 % in September from a year before.

Product exports

rose by 25 tb/d, or 4%, m-o-m in September to average 696 tb/d. Y-o-y, product exports

show a gain of 33 tb/d, or 5%.

Accordingly

Japan’s net imports dropped in September by 204 tb/d, or 7%, m-o-m to average 2.9 mb/d,

and down by 3% y-o-y.

Table 8 - 2: Japan’s crude and product net imports, tb/d

0

1

2

3

4

5

0

200

400

600

800

1,000

1,200

Sep 16

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

Jul 17

Aug 17

Sep 17

mb/d

tb/d

Fuel oil

Naphtha

LPG

Others*

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

Sep 16

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

Jul 17

Aug 17

Sep 17

tb/d

tb/d

Fuel oil

Gasoil

Jet fuel

Others*

Note: * Others: Contains LPG, gasoline, naphtha, kerosene,

lubricating oil, asphalt and paraffin wax.

Sources: Ministry of Economy, Trade and Industry of Japan and

OPEC Secretariat.

Change

Jul 17

Aug 17

Sep 17 Sep 17/Aug 17

Crude oil

3,349

3,204

3,170

-34

Total products

-75

-83

-253

-170

Total crude and products

3,274

3,121

2,917

-204

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