Japan's crude imports from Iran surged to 292,209 b/d in March, following the resumption of imports in February, as local refiners boosted purchases to meet term contractual requirements, S&P Global Platts reports.
The February imports of Iranian crude stood at 76,057 b/d, marking the first import in four months, according to preliminary data released Thursday by the Japanese Ministry of Finance (MOF) data.
However, the Asian country crude oil imports from Iran dropped 42% month on month to 169,100 b/d in April becauses Japanese refiners suspended Iranian oil imports in April, following the US' decision to not extend sanction waivers on the import of Iranian oil for eight countries, including Japan, beyond May 2.
Late January, Japanese Fuji Oil loaded first cargo of Iranian oil since US sanctions in November, marking the first import in four months, MOF data showed.
Reuters data show the country bought 15.3 million barrels between January and March from Iran.
Japan, with a population of only 127 million people, is the world’s third largest economy and third largest crude oil importer. Japan also remains the world’s largest liquefied natural gas (LNG) importer, ahead of China, and South Korea. Japan is also the third-largest importer of coal behind India and China, according to Oil Price.
Japan imports more than 80 percent of its oil and gas from abroad. Japan has limited domestic energy resources, and is currently only producing less than 10 percent of its total energy consumption domestically ccording to the U.S. Energy Information Administration’s (EIA) most recent analysis of Japan’s energy sector, according to the website.
Before the sanctions waivers came to an end, Japanese Ambassador to Iran Mitsugu Saito had said Tokyo would continue oil purchases from Iran.