Iran’s oil export to Japan falls by 21% M/M

Business Materials 4 December 2017 16:17 (UTC +04:00)

Baku, Azerbaijan, Dec. 2

By Fatih Karimov– Trend:

Iran’s oil exports to Japan (including gas condensates) in October 2017 decreased by 18 percent year-on-year and reached ‎5.13‎‎ million barrels.

Compared to the preceding month, the figure indicates a fall by 20.6 percent, Japan’s ministry of economy, trade and industry said.

The figure includes 487,510.7 barrels of condensates exported from Iran’s South Pars gas field.

Iran was Japan’s fifth oil supplier after Saudi Arabia, the UAE, Qatar and Kuwait, with a share of 5.7 percent in October 2017, while the country supplied 6.6 percent of the Asian country’s oil demand in October 2016 (6.26 million barrels).

Saudi Arabia exported 36.039 million barrels of oil to Japan in October (39.7 percent of the country’s total crude imports.)

Iran’s oil exports to Japan reached 83.94 million barrels in the fiscal year of 2016, which is a 38-percent increase compared to the preceding year.

Iran supplied 7 percent of Japan’s oil demand in 2016.

Iran’s oil exports increased by 1 million barrels per day (mb/d) last year to 2.42 mb/d and the figure would increase to 2.5 mb/d in 2017 and 2.59 mb/d in 2018, IMF previously said in a report.

Iran’s oil and condensate exports amounted to 2.6 mb/d in September 2017, the country’s oil ministry said recently. The country exported 2.25 mb/d of oil to Asian and European markets in the mentioned period. China, India, South Korea and Japan imported more than 1.9 mb/d in September‎, highest level since March 2017.