Global Arab Network | Kuwait overtakes Iran to become Japan's 4th biggest crude oil supplier

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Kuwait overtakes Iran to become Japan's 4th biggest crude oil supplier

Global Arab Network - - Mohammed Almasri

Tuesday, 01 June 2010 11:36

Japan (TOKYO) - Kuwait became Japan's fourth-biggest crude supplier in April by overtaking Iran, according to data released by the government agency.

Kuwait's crude oil exports to Japan rose 16.0 percent in April from a year earlier to 12.28 million barrels, or 409,000 barrels per day (bpd), for the first increase in five months, the Japanese Natural Resources and Energy Agency, a unit of the Ministry of Economy, Trade and Industry, said in a preliminary report.

Kuwait provided 10.7 percent of nation's crude oil in April, compared with 10.0 percent in the same month of last year and 6.6 percent in March. It is first time since September last year that Kuwait's share topped 10.0 percent in the Japanese market. Japan is Kuwait's largest oil buyer.

Japan's overall imports of crude oil in the reporting month gained 8.7 percent year-on-year to 115.03 million barrels (3.83 million bpd) for the second straight month of gain. Shipments from the Middle East went up 4.6 percent to 101.18 million barrels (3.37 million bpd) and accounted for 88.0 percent of the total, down 3.4 percentage points from a year before.

Saudi Arabia remained Japan's biggest oil supplier, with imports from the kingdom rising 17.8 percent from a year earlier to 35.95 million barrels (1.20 million bpd), followed by the United Arab Emirates with 23.99 million barrels (0.8 million bpd), up 7.9 percent. Qatar ranked third, with shipments rising 5.0 percent to 15.21 million barrels (507,000 bpd). Iran became fifth with 8.89 million barrels (296,000 bpd), down 24.6 percent.

Resources-poor Japan is the world's third-largest oil consumer after the US and China, and it relies on crude oil imports for about 50 percent of its energy needs. The nation purchases oil through long-term contracts and direct-dealing transactions between its distributors and oil-producing nations. Shipments of direct-deal, which prices are based on the average spot price of Dubai crude, the benchmark for Asia, account for about 80 percent of Japan's crude imports. (KUNA)

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