Saudi Arabia and the UAE Dominate Japan’s Crude Oil Needs
In a report by the Agency of Natural Resources and Energy of Japan’s Ministry of Economy, Trade and Industry, it was revealed that Saudi Arabia and the UAE were responsible for providing 85 percent of Japan’s total crude oil needs in March.
The Arab Region Takes the Lead
The report also highlighted that an additional 10 percent of Japan’s crude oil needs came from other Arab sources such as Kuwait, Qatar, Oman, and the Neutral Zone. This meant that the Arab region collectively supplied nearly 95 percent of Japan’s crude oil needs, showcasing its dominance in the market.
The Significance of Crude Oil for Japan
Crude oil plays a crucial role in meeting Japan’s energy requirements, representing about a third of the nation’s overall energy needs.
Breakdown of Imports
In March, Japan imported a total of 74.39 million barrels of oil. The UAE accounted for 32.77 million barrels (44.1 percent), while Saudi Arabia supplied 30.51 million barrels (41 percent) of the total imports.
Other Contributors to Japan’s Oil Imports
Apart from Saudi Arabia and the UAE, Kuwait provided 5.12 million barrels (6.9 percent) and Qatar contributed 1.56 million barrels (2.1 percent) to Japan’s oil imports. Oman and the Neutral Zone collectively made up 0.7 percent of the total.
Diversification of Oil Imports
With Japan maintaining a ban on importing oil from Iran and Russia, the country turned to other sources for its oil needs. The United States accounted for 4.1 percent of imports, while Central and South America and Oceania each contributed 0.9 percent and 0.3 percent, respectively.