Iran gains share of 6.6% in Japan oil market

EghtesadOnline: Iranian oil export share in the Japanese oil market rose up to 6.6 percent in light of 49,000 bpd growth in Iran's oil exports in October.

News ID: ۷۳۸۸۲۵

24 December 2016

Iran's heavy crude oil in the week to December 16 experienced highest increase in price and reached 151.070 dollars a barrel, showing 2.02 dollars increase.

According to IRNA, Ministry of Petroleum on Saturday announced that Japan's crude imports dropped to 67,000 barrels per day in October 2016 compared to that in the same period the previous year and reached 3.055 million barrels per day.

Japan's imports from Saudi Arabia rose by 205,000 barrels per day in October compared to that in the same period the year before and reached 1.262 million. Riyadh having a share of 41 percent in the country's imports, is considered as the most important crude oil exporter to Japan.

Within the period under study, the UAE crude exports to Japan decreased by one percent or 9,000 barrels per day and reached 688,000 barrels per day.

The UAE with 23 percent share in Japan imports, stands second in the list of crude exporters to the country.

Qatar's share in Japan's imports is 7.2 percent. It stands as the third oil exporter to Japan.

According to the Petroleum Intelligence Weekly (PIW), export of crude oil to Japan by Kuwait and Iran rose by 22,000 barrels per day and 49,000 barrels per day respectively in October and reached 214,000 barrels per day and 202,000 barrels per day respectively.

The shares of Kuwait and Iran in Japan imports are seven and 6.6 percent respectively.

Kuwait and Iran are the fourth and 5th major crude exporters to Japan respectively.