Iran’s oil sale to Japan hits record high, Kuwait’s exports down for the 3rd month

Kuwait’s crude oil exports to Japan fell  8% in July from a year earlier to 5.93 million barrels, or 191,000 barrels per day (bpd), down for the third straight month, government data showed, reported Kuwait News Agency on September 1st.

the decline in Japan’s oil imports from Gulf states, especially Kuwait has been going on for several months.

On June, Kuwait’s crude oil exports to Japan fell 25.2% , a year earlier to 5.04 million barrels, or 168,000 barrels per day (bpd), said Qatar News Agency.

Meanwhile, exports of Iranian crude to Japan has reached a new record of 257 thousand bpd.

According to Hellenic Shipping news, Iran has attained a new record in sales and exports of crude oil to Japan thanks to easing of restrictions on exports of oil, especially removal of insurance and shipping barriers.

Statistics reveal that Iran has deployed a daily average of 213 thousand barrels to Japan over the first seven months of 2016 and the figure for July reach the unprecedented figure of 257 thousand barrels per day (bpd).

In Fact, since the beginning of the year 2016, volume of daily oil sales to Japan by Saudi Arabia, the UAE and Kuwait has fallen by 6, 23 and 8 per cent, respectively while Iran’s oil exports to Japan has experienced a 62-percent soar in the same time period, said Reuters.

Presently, Saudi Arabia, the UAE, and Qatar mark largest oil exporters to Japan for supplying 1.61 million, 821 thousand as well as 259 thousand barrels per day to Japan’s oil market, respectively.

As Japan’s fifth-biggest oil provider, Kuwait 5.4% of the Asian nation’s total crude imports, Qatar News Agency signaled citing the Natural Resources and Energy Agency report.

Japan’s overall imports of crude oil increased 6.7% year-on-year to 3.13 million bpd in June, expanding for the third month in a row, according to Kuwait News Agency .

Shipments from the Middle East accounted for 89.7% of the total, up 7.4 percentage points from a year before, said Qatar News Agency.

Japan is the world’s third biggest oil consumer after the US and China, importing virtually all its fossil fuels.