Japan’s Imports of Saudi Oil Plunge

摘要

Japan’s imports of Saudi crude for July arrival plunged by 350,000 b/d year-to-year, or 26%, representing its biggest annual drop in nearly a decade. Meanwhile, Japanese imports of Iranian crude rose in July even as the Nov. 4 implementation date for US sanctions on Iran’s oil sector nears. Japan’s total crude imports from Saudi Arabia totaled just 987,000 b/d in July. The tumble in Saudi imports was due to Japanese refineries receiving less light, sour Saudi Arab Extra Light (AXL); medium, sour Arab Light (AL); and heavy, sour Arab Heavy (AH), instead turning to competing light, sour Abu Dhabi crudes.