Saudi Arabia is the largest oil supplier to Japan in June, accounting for 41.1 percent of total imports for that month.
According to the Natural Resources and Energy Agency of Japan’s Ministry of Economy, Trade and Industry (METI), Japan’s total crude oil imports in June reached 68.5 mn barrels.
Of this, 66.7 mn, or 97.3 percent, were imported from five Middle East countries – the United Arab Emirates, Saudi Arabia, Kuwait, Qatar, and Oman.
Middle East crucial to Japan’s oil needs
Japan primarily depends on the Middle East for its crude oil needs.
The Asian country imported 44.2 percent of its crude oil needs from the oil-rich Gulf nations in January.
METI says Japan imported around 162 mn barrels of crude oil from Saudi Arabia during the first five months of this year. This made-up 40.68 percent of the Asian country’s total oil imports for those months.
Moreover, Japan’s largest crude oil importer in 2022 was Saudi Arabia at more than 60 mn kiloliters.
With virtually no fossil fuels, Japan relies heavily on imported crude oil.
Read: Saudi oil exports jump 57.5 percent in January
UAE also supplies Japan with oil
For the first five months of the year, Japan imported some 155.37 mn barrels from the UAE. This comprised 38.38 percent of Japan’s total crude imports.
Additionally, in June 2023, the UAE supplied Japan with 25.63 mn barrels or 37.4 percent of its total imports.
Moreover, the UAE was Japan’s main crude oil supplier in May with approximately 33 mn barrels, or 43.4 percent of its total imports, according to METI.
World’s third-largest economy
Japan is the world’s third-largest economy. Its economy is anchored on diversified advanced industries that are highly successful. It’s one of the world’s biggest manufacturers of cars, consumer electronics, semiconductor chips, optical fibers, and biochemical products, among many others.
The country’s manufacturing output is the third largest in the world.
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