MOMR September 2017
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Oil Trade

OPEC Monthly Oil Market Report – September 2017

75

Japan

Japan’s crude oil imports

increased in July by 542 tb/d to average 3.5 mb/d. On an annual basis, crude

imports rose in July by 7%. Japan imported higher volumes in July as refinery throughput increased by

almost 320 tb/d in the same month.

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

As for the

crude

oil

suppliers’ shares

, Saudi Arabia, as in the previous month, came in as the top crude

supplier to Japan, holding a share of 40% of total crude exports, up by 358 tb/d, or 37%, from last month.

At the same time, these volumes were higher than the previous year by 277 tb/d, or 26%. UAE came in as

the second largest supplier to Japan with a share of 21% of total crude imports. Qatar came in the third

ranking, holding a share of 8%.

On the other hand,

Japan’s

product imports

dropped slightly in July by 13 tb/d to average 532 tb/d,

annually, product imports were lower by 18 tb/d, or 3%. The monthly drop came mainly as a result of lower

imports of gasoline, fuel oil and jet fuel. Japan’s product sales in the country were down by 1.2% y-o-y.

Japan’s product exports

rose in July from the previous month by 98 tb/d to average 607 tb/d. Annually,

they increased by 28 tb/d, or 19%.

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

Accordingly,

Japan’s

net imports

increased in July by 430 tb/d to average 3.3 mb/d, reflecting a monthly

gain of 15% and an annual increase of 4%.

0

1

2

3

4

5

0

200

400

600

800

1,000

1,200

Jul 16

Aug 16

Sep 16

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

Jul 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

Jul 16

Aug 16

Sep 16

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

Jul 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.