According to the Kuwaiti "Political News" reported on May 31, the report of the Japanese government mentioned that Kuwait became the third largest importer of crude oil in Japan in April. In two months, exports to Tokyo doubled and exceeded that of Iran and Qatar. .
According to a report from the Natural Resources and Energy Agency of the Ministry of Economy, Trade and Industry of Japan, Kuwait’s crude oil exports to Japan increased 90.5% over March. In April, crude oil exports to Japan also increased by 40.4% over the same period of last year to reach 14.74 million barrels, which was the first increase in Kuwait’s exports during the two-month period. Kuwait’s crude oil exports accounted for 10.8% of Japan’s imports in April, compared with 5.5% in March.
The report also added that the total import of crude oil in Japan rose by 20.9% in April to reach 13,659 million barrels. Crude oil shipments from the Middle East accounted for 84.8% of total shipments, which was a decrease of 5.2% from the same period last year.
Saudi Arabia has the largest share of crude oil exports to Japan, which represents an increase of 7.8% from the same period last year to 34.8 million barrels. The UAE, as the second largest importer of Japanese crude oil, reached 3,461 million barrels, an increase of 21.3%. Iran retreated to fourth place because Japan reduced imports from Tehran by 5.2% to 14.67 million barrels. Qatar ranked fifth, reaching 11.77 million barrels, an increase of 8.5%.
Japan is the third-largest oil consumer in the world after the United States and China. It relies on imported crude oil for 50% of its energy consumption, and Japanese crude oil purchases use forward contracts, where dealers and producers directly trade.
According to a report from the Natural Resources and Energy Agency of the Ministry of Economy, Trade and Industry of Japan, Kuwait’s crude oil exports to Japan increased 90.5% over March. In April, crude oil exports to Japan also increased by 40.4% over the same period of last year to reach 14.74 million barrels, which was the first increase in Kuwait’s exports during the two-month period. Kuwait’s crude oil exports accounted for 10.8% of Japan’s imports in April, compared with 5.5% in March.
The report also added that the total import of crude oil in Japan rose by 20.9% in April to reach 13,659 million barrels. Crude oil shipments from the Middle East accounted for 84.8% of total shipments, which was a decrease of 5.2% from the same period last year.
Saudi Arabia has the largest share of crude oil exports to Japan, which represents an increase of 7.8% from the same period last year to 34.8 million barrels. The UAE, as the second largest importer of Japanese crude oil, reached 3,461 million barrels, an increase of 21.3%. Iran retreated to fourth place because Japan reduced imports from Tehran by 5.2% to 14.67 million barrels. Qatar ranked fifth, reaching 11.77 million barrels, an increase of 8.5%.
Japan is the third-largest oil consumer in the world after the United States and China. It relies on imported crude oil for 50% of its energy consumption, and Japanese crude oil purchases use forward contracts, where dealers and producers directly trade.
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