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Japan's oil product imports exceed exports again in 2018

Tokyo — Japan was a net oil product importer in 2018 for the second consecutive year, with imports of gasoline and gasoil both more than doubling, preliminary data released Thursday by the Ministry of Economy, Trade and Industry showed.

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Japan imported an average of 622,246 b/d of

Japan's import of oil products in 2018, while oil product exports averaged 523,141 b/d.

Naphtha accounted for the vast majority of Japan's oil product imports and were more or less unchanged year on year at 488,178 b/d, but imports of gasoline doubled year on year to 35,947 b/d last year while gasoil imports averaged at 12,499 b/d, up from 5,564 b/d.

Japan's import of oil products increased in 2018 due in part to a relatively heavy refinery turnaround season over the spring-summer period.

METI publishes its data in kiloliters, which S&P Global Platts converts to barrels using a rate of 6.2898.

Platts also takes into account revisions made by METI to data published in previous months.

JAPAN'S OIL PRODUCT IMPORTS IN DECEMBER (b/d)

Dec-18 Dec-17 % Change Nov-18 % Change
Gasoline 32,367 24,209 33.7 47,434 -31.8
Naphtha 513,289 491,186 4.5 587,974 -12.7
Jet Fuel 9,207 8,332 10.5 4,172 120.7
Kerosene 87,237 99,472 -12.3 40,231 116.8
Gasoil 6,617 7,650 -13.5 10,730 -38.3
Fuel Oil A n/a n/a -100 2,374 -100.0
Fuel Oil B, C 23,557 26,922 -12.5 29,606 -20.4
Total 672,275 659,093 2 722,521 -7.0

JAPAN'S OIL PRODUCT IMPORTS IN JANUARY-DECEMBER (b/d)

Jan-Dec 2018 Jan-Dec 2017 % chg on year
Gasoline 35,947 16,954 112.0
Naphtha 488,178 487,286 0.2
Jet Fuel 4,922 5,408 -9.0
Kerosene 37,193 24,442 52.2
Gasoil 12,499 5,564 124.6
Fuel Oil A 1,233 1,332 -7.4
Fuel Oil B, C 42,275 36,477 15.9
Total 622,246 577,463 7.8

Source: Ministry of Economy, Trade and Industry

(Corrects Jan 31 story after METI issued revised numbers Feb 4)

-- Takeo Kumagai, takeo.kumagai@spglobal.com

-- Edited by Jonathan Dart, newsdesk@spglobal.com

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