Japan's Sept. Crude Oil Imports Fall Most in 6 Months

Discussion in 'Commodity Futures' started by ASusilovic, Oct 24, 2007.

  1. Japan's crude oil imports in September fell 9.8 percent, the largest decline in six months, as record oil prices accelerated a shift away from petroleum products in the world's second-largest economy.

    Japan, the world's third-largest oil consumer, brought in 18.2 million kiloliters (about 3.82 million barrels a day) of oil last month, the Ministry of Finance said in a trade report released in Tokyo today.

    Motorists in Japan have switched to fuel-efficient mini- cars and factories shifted to natural gas from fuel oil for their in-house power generators. Japan isn't the only nation with lower oil import volumes, with China posting its slowest pace in 10 months in import growth last month.

    ``Japan's crude imports will perhaps stay on a downward path in the months ahead because stagnant gasoline and fuel oil demand is expected to persist,'' said Hirofumi Kawachi, a senior energy analyst at Mizuho Investors Securities Ltd. in Tokyo.

    The September decline in oil imports was the largest since a 16.4 percent drop in April, ministry figures show.

    Imports of oil products, a category that includes gasoline and naphtha, rose 4.7 percent to 2.21 million kiloliters. Imports of liquefied natural gas increased 6.2 percent to 5.3 million metric tons, while liquefied petroleum gas imports dropped 20.3 percent to 1.1 million tons. Coal imports surged 14.5 percent to 15.6 million tons, according to the trade report.


    High oil prices seems to hurt...
  2. mcheema


    An interesting stat about the japanese is that they are the fifth largest consumer of oil despite being the second largest economy.
    Also they have individuals who take fuel conservation to incredible extremes.
    I recently read an article where japanese motorists have calculated things like the optimal tire pressure, level of fuel in tank etc. to increase mileage of the best toyotas.

    This should give them a leg up as energy prices go higher.
  3. Wow...the japanese being proactive while the US is reactive...what a shocker.

  4. hahaha. just go to a prius drivers forum online here in the states, and you'll see the same.

    I never thought there was a connection between me liking sushi and owning my Prius before now.