Iran secures only 6% of Japan’s oil demand

Business Materials 1 September 2018 15:18 (UTC +04:00)

Baku, Azerbaijan, Sept. 1

By Umid Niayesh - Trend:

Iran’s oil exports to Japan, including gas condensates, in July witnessed a rise by 27.9 percent compared to the preceding month.

Iran exported 5.69 million barrels of oil to Japan in July 2018 compared to 4.45 million barrels in June, according to the Asian country’s official data.

Meanwhile, in comparison with July 2017, the exports registered a rise by 9.6 percent.

Iran’s exports to Japan included 515,556.9 barrels of condensate from the South Pars gas field, 237,119.6 barrels of light oil and over 3.3 million barrels of heavy oil, as well as 1.64 million barrels of oil from the Forouzan oil field in July.

Iran’s oil exports to Japan were equal to 6.3 percent of the country’s total oil imports in July, while in the preceding month the Islamic Republic supplied 6.2 percent of the country’s oil demand. Iran's share from the Asian country’s oil market stood at 5 percent in July 2017.

Iran was Japan’s fifth oil supplier after Saudi Arabia, the UAE, Qatar and Kuwait last month. Saudi Arabia exported 30.6 million barrels of oil to Japan in July 2018 (33.8 percent of the country’s total crude import, 11.3 percent more compared to June), followed by the UAE (24.7 million barrels, a 50 percent increase), Qatar with 6.9 million barrels (70 percent more) and Kuwait (6.7 million barrels, a 27 percent growth).

The total amount of exported Iranian crude 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.