UAE crude exports to Japan dip 21%
Crude exports from the UAE to Japan fell 21 per cent or 217,000 barrels a day year-on-year in 2009, according to a new report by Energy Intelligence (EI). The oil-rich nation exported 780,000 barrels per day (bpd) of crude in 2009 as compared to 917,000 bpd in 2008.
EI said in a report that supplies from all Opec nations to Japan declined in 2009. "Supplies from Opec members lost ground due to their obligations to reduce production in output. Therefore, they curbed their term supply allocations to Japan which is a key buyer of Mideast crudes," EI said.
After months of slashed production to keep with Opec directives, Adnoc, UAE's crude exporter had said in a statement in October last year that it would increase its crude exports. In another recent development, the Abu Dhabi-based company lowered its prices for December exports.
Saudi Arabia's crude exports to Japan decreased six per cent (70,000 bpd) to 1.09 million bpd, EI said. According to EI figures, the volume of export of crude from Qatar declined 19 per cent, whereas it declined 73 per cent and 13 per cent respectively from Iran and Kuwait.
While Qatar exported 452,000 bpd of crude to Japan in 2008, it exported 433,000 bpd in 2009 thus recording a decline of 4.2 per cent in exports. While Kuwait exported 318,000 bpd of oil in 2008, it exported 305,000 bpd in 2009 recording a decline of 4.1 per cent. Exports from Iran recorded a decline of 73,000 bpd in 2009, thus registering a decline of 14.8 per cent.
"The substantial, but unsurprising fall in 2009 imports was a result of weakened domestics sales of oil products that led refiners to curb refinery runs," EI said.
However, Japan registered an increase in crude imports from non-Opec producers. The export of crude from Oman to Japan increased 12.5 per cent last year.
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