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Japan's imports of Emirati crude jumped by 190,000 b/d from August to 1.24 million b/d in September, the highest level in Energy Intelligence records dating back to 2008. Compared to September 2021, inflows spiked by 345,000 b/d, according to data from the Ministry of Economy, Trade and Industry (Meti). The increase from August was mainly driven by a 148,000 b/d jump in Abu Dhabi medium, sour Upper Zakum crude and a 94,000 b/d leap in Abu Dhabi light, sour Murban crude. Japanese imports of Saudi crude plunged by 270,000 b/d from August to 921,000 b/d in September, with medium, sour Arab Light inflows tumbling by 172,000 b/d and light, sour Arab Extra Light imports dropping by 60,000 b/d. Japanese refiners likely pulled back from Arab Extra Light term volumes partly due to the grade’s official formula price shooting up to a record high a few months ago. Total Japanese crude imports tumbled by 225,000 b/d from August to 2.76 million b/d in September.

Oil Demand, Crude Oil
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