*Japan’s crude imports slid by 9% year-on-year to 2.35mn b/d for 1H 2024 putting this year on track for a new multi-decade low: 2023’s 2.54mn b/d was the lowest since 1968.
*For 2023, Saudi Arabia was Japan’s top supplier with a 40% market share. But the UAE has surged well ahead of Saudi Arabia for 1H 2024. UAE volumes were up 4% year-on-year at 1.03mn b/d, more than 110,000 b/d ahead of Saudi Arabia which was down 13% at 917,000 b/d. That said, with supplies from other regions having fallen far further over the past decade, the combined market share of Japan’s big two suppliers hit a record 83% for 1H 2024 (see chart). (CONTINUED - 228 WORDS)
