Saudi Arabia supplied 40% of Japan’s crude oil in 5 months of 2023
TOKYO: Japan imported about 162 million barrels of crude oil from Saudi Arabia during the first five months of this year, according to data from the Natural Resources and Energy Agency of the Japanese Ministry of Economy, Trade and Industry, or METI.
This represents 40.68 percent of Japan’s total oil imports in those months.
In January, the import of Saudi crude oil amounted to 37.16 million barrels (43.9 percent) of the total, 33.16 million barrels (43.4 percent) in February, 32.83 million barrels (42.2 percent) in March, 30.45 million barrels (35.3 percent) in April, and 29.36 million barrels (38.6 percent) in May.
During that five-month period, Japan imported 155.37 million barrels from the UAE, or 38.38 percent of its total crude imports.
During the same period, Japan’s total oil imports from what METI categorizes as the Middle East amounted to 431.55 million barrels or 96.26 percent of the total. But as Japan is boycotting Iranian oil in compliance with US and European sanctions, the Middle East, according to the METI list of crude oil sources for the country, only refers to Arab countries including Saudi Arabia, the UAE, Qatar, Kuwait, Bahrain, Oman, and small amounts from Algeria.
Most recently, in May, Japan imported around 76 million barrels of crude oil, of which 97 percent (73.68 million barrels) came from GCC countries.
According to METI, the UAE was the top crude oil supplier to Japan during May with approximately 33 million barrels, or 43.4 percent of its total imports.
The May import figures showed Japan’s dependence on Arab oil to keep its economic wheels turning. Tokyo’s embargo on importing oil from Iran and Russia continued in May.
The figures are related to the quantities of oil that arrived at refineries, tanks, and warehouses in ports in Japan during May. Japan uses oil to generate around one-third of its energy needs.
Source – Arab News
