UAE supplies Japan with 38.2% of oil imports in November 2024

Japan’s oil imports from the UAE amounted to 27.16 million barrels, representing 38.2 per cent of total imports in November 2024, according to data from the Agency for Natural Resources and Energy under Japan’s Ministry of Economy, Trade and Industry.

In the same month, Japan imported approximately 71.18 million barrels of oil, with Arab oil accounting for 95.1 per cent, or 67.72 million barrels, sourced from three Arab countries in addition to the UAE: the Kingdom of Saudi Arabia, Kuwait, and Qatar, as well as the Neutral Zone (on the border between Kuwait and Saudi Arabia), the data revealed.

Japan imported 31.49 million barrels from Saudi Arabia, accounting for 44.3 per cent of total imports, followed by approximately 5.19 million barrels from Kuwait at 7.3 per cent, 3.42 million barrels from Qatar at 4.8 per cent, and 0.6 per cent from the Neutral Zone.
Notably, imports from the UAE and Saudi Arabia accounted for 82.5 per cent of Japan’s total oil imports in November 2024, underscoring the significance of both countries in ensuring Japan’s energy security.

The remainder of Japan’s oil imports came from Central and South America (1.8 per cent), the United States (1.7 per cent), Australia (0.9 per cent), and East Asia (0.4 per cent), reflecting a historic increase in Japan’s reliance on Arab oil. Meanwhile, sanctions on Russian and Iranian oil persisted, with Japanese companies aligning with US policies.

The reported figures represent the quantities of oil delivered to refineries, tanks, and storage facilities at Japanese ports during November 2024.

Meanwhile Japan’s core consumer prices in November rose 2.7 per cent from a year earlier, with the pace of increase expanding for the first time in three months, amid reduced government subsidies for utility bills and higher rice prices, the internal affairs ministry said on Friday.

According to Kyodo News, the climb in the nationwide core consumer price index, excluding volatile fresh food, followed a 2.3 per cent gain in October and a 2.4 per cent rise in September. The inflation rate has remained at or above the Bank of Japan’s 2 per cent target since April 2022.

Core-core CPI, which shows underlying price trends by stripping away both energy and fresh food, was up 2.4 per cent, accelerating from a 2.3 per cent increase the previous month, the Ministry of Internal Affairs and Communications said.