Oil imports to Japan fell for the first time since 1988 in August, the Ministry of Economy, Trade and Industry (METI) reported today.
As the world’s third largest economy, Japan’s oil imports have been steadily around 3.5million barrels per day (bpd) until August’s 29-year drop.
Imports fell to 0.1% in August taking barrels (bpd) to 3.2million while domestic oil sales fell by 0.8% to 2.86million (bpd).
The drop in imports has been largely blamed by a 4% fall in gasoline sales last year, caused by cooler weather and less automobile use.
Japan ceased all imports of crude from the USA last month but increased imports from Saudi Arabia by 38.4%, 1.35million (bpd).