*Japanese crude imports began to dwindle in March as the early impacts of the Iran war were felt. Crude imports fell by 20% month-on-month to an eight-month low of 2.11mn b/d, dragged down by a 19% drop in imports from the Middle East to 2.02mn b/d.
*The drop in March also impacted Q1 imports as they fell 4% quarter-on-quarter and 7% year-on-year to 2.28mn b/d. 93% of Japan’s crude comes from just two Gulf suppliers: Saudi Arabia and UAE. Both countries have contingency plans in place that have enabled them to continue exporting crude while Hormuz is shut, albeit at reduced levels (MEES, 3 April). This should dampen the overall impact of the continued closure of the strait. (CONTINUED - 260 WORDS)
