Japan’s Iran Oil Imports Exceed 10%

Japan’s Iran Oil Imports Exceed 10%    Japan’s Iran Oil Imports Exceed 10%

Iran’s January oil exports to Japan witnessed a rise of 10.7% to reach 195,000 barrels a day.

According to a report published by Japan’s Ministry of Economy, Trade and Industry, the country has imported 3.4 million barrels of oil per day in January, indicating a 2.5% drop compared with the corresponding period of 2015, ISNA reported.

The Middle Eastern countries’ share in Japan’s crude intake reached 87.1% this January from the 80.3% of last year’s similar period.

As the price gap between Brent and Dubai crude oil has been narrowed, Asian customers have become more interested in oil imports from the Middle East because it would be more economical compared with oil that is priced by WTI benchmark.

The East Asian country’s oil imports from Saudi Arabia met a 24% rise compared to the corresponding period of last year.

Saudis have exported 1.32 million barrels of crude oil a day to Japan in January, which account for 40% of the country’s total oil imports.

Iraq, the second biggest oil exporter to Japan, raised its exports to 1.01 million barrels a day in the month, with its first oil cargo from Kurdistan Region having been delivered to the country recently.

However, the UAE’s exports to the country saw a 2.1% decline compared with that of the similar period of last year. The UAE exported about 855,000 barrels a day to the island country.