Iran oil export to Japan hikes by over 600% M/M

Business Materials 30 June 2018 15:48 (UTC +04:00)

Baku, Azerbaijan, June 30

By Umid Niayesh - Trend:

Iran’s oil exports to Japan, including gas condensates, in May witnessed a huge rise by 605.7 percent compared to the preceding month.

Iran exported 6.54 million barrels of oil to Japan in May 2018 compared to 927,313 barrels in April, according to the Asian country’s official data.

Meanwhile, in comparison with May 2017, the exports registered a rise by 31.5 percent.

Iran’s exports to Japan included 475,188 barrels of condensate from Iran’s South Pars gas field, 237,360 barrels of light oil and over 4 million barrels of heavy oil in May 2018.

Iran’s oil exports to Japan were equal to 7.1 percent of the country’s total oil imports in May, while in the preceding month the Islamic Republic supplied only 1 percent of the country’s oil demand. Iran's share from the Asian country’s oil market stood at 5.8 percent in May 2017.

Iran was Japan’s fourth oil supplier after Saudi Arabia, the UAE and Qatar last month. Saudi Arabia exported 35.2 million barrels of oil to Japan in May 2018 (38.1 percent of the country’s total crude import, 9.6 percent less compared to April), followed by the UAE (19.15 million barrels, a 28.9 percent fall month-on-month) and Qatar with 8.52 million barrels (47.3 percent more compared to preceding month).

The total amount of exported Iranian crude oil to Japan in fiscal year of 2017 stood at approximately 60.38 million barrels.

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

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

Iran’s oil exports increased by 1 million barrels per day (mb/d) in 2016 to 2.42 mb/d and the figure would increase to 2.59 mb/d in 2018, IMF previously said in a report.