Japan crude imports remain at near record lows. The latest figure of 2.26mn b/d is up from June’s nadir of 1.91mn b/d, but the last six monthly figures are still the six lowest since the 1960s (see chart). Korea has this year overtaken Japan as the world’s number four importer (MEES, 6 November).

Saudi remained top supplier with 960,000 b/d for October, in line with average volumes so far this year but down 10% on average 2019 levels. Number two the UAE (705,000 b/d for October), has also seen average 10M 2020 volumes fall by around 10% versus 2019. (CONTINUED - 222 WORDS)