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Japans 2021 crude imports seen falling 5-10% on year amid COVID-19
1/21/2021 12:00:00 AM

Japan's crude oil imports will likely drop 5-10% on the year in 2021, without a recovery from the coronavirus pandemic, Petroleum Association of Japan President Tsutomu Sugimori said Jan. 21.

The country's crude oil imports are likely to extend fall this year, after hitting their lowest level in decades in 2020.
"When considering our crude imports henceforth, it would not increase, judging from domestic [oil] demand of about 90-95% [of a year ago level]," Sugimori told an online press conference. "Instead it would drop by about 5-10%."
"Should the current situation [over the coronavirus pandemic] continues, it is unlikely we would take more crude oil from a year ago," he added.
Japanese refiners, which have responded to emergency requests from power utilities for direct burning crude and fuel oil supply in January, do not plan to increase their direct burning crude or fuel oil supply in February and March, Sugimori said.
The refiners' move followed a rare emergency fuel supply request from the Federation of Electric Power Companies of Japan to the PAJ on Jan. 7 in the wake of a surge in power demand following severe cold spells hitting the country.
Amid cold spells, Japanese refiners also expect kerosene demand to surge 25% from a year ago in January, Sugimori added.
Source: SP Global