Japan’s Apr oil imports from Iran drop 52% on month to 141,712 b/d: METI

Japan cut its Iranian crude oil imports by 51.6% month on month to 141,712 b/d in April before the expiry of US sanction waivers on May 2, according to data released Friday by the Ministry of Economy, Trade and Industry.

The volume imported in March, 292,648 b/d, was the highest level since September 2016.

On an year-on-year basis, the Iranian inflows in April, however, spiked 358.5% as Japanese refiners intended to complete their imports of Iranian oil by mid-April, when there was a lack of clarity over whether the US would extend the waivers.

The US government announced in late April that it would end all sanction waivers on Iranian oil imports, due to expire May 2.

On the other hand, Japanese refiners looked at supplies from Ecuador and the Middle East to replace Iranian crude oil.

As a result, the country’s Ecuadorian crude oil imports hit 40,248 b/d in April, surging 69.6% from March and 91.9% from the same month of last year, according to METI data.

Imports from Kuwait and Iraq in April also jumped 52.4% and 310.1% month on month to 329,659 b/d and 127,274, respectively.
Source: Platts