Crude oil import volume in August increased by 3.6% compared to the same month last year, shifting from dependence on the Middle East to the United States

According to preliminary trade statistics for August released by the Ministry of Finance on the 16th, crude oil imports were 11.59 million kiloliters, an increase of 3.6% from the same month last year. Import volumes fell from April to June due to the tense situation in the Middle East, but alternative procurement increased and the volume continued to exceed that of the previous year in July.

Due to the continued high cost of crude oil procurement, the trade balance, which is calculated by subtracting imports from total exports, was in the red at 1,105.6 billion yen. It has been in the red for four consecutive months.

Crude oil imports from the Middle East decreased by 30.9% from the previous year to 7.25 million kiloliters. It appears that the procurement route does not involve passing through the Strait of Hormuz. The main alternative procurement source was the United States, with import volume of 3.65 million kiloliters, more than seven times that of the previous year. Before the situation in the Middle East became tense, more than 90% of imports were dependent on the Middle East, but the proportion of American products is rapidly increasing. The import unit price of crude oil is 102,687 yen per kiloliter, the fourth highest level on record, and continued high costs remain an issue.