Kuwait's crude oil exports to Japan up 11.9 percent

TOKYO, July 31 (KUNA) -- Kuwait's crude oil exports to Japan rose 11.9 percent in June from a year earlier to 6.73 million barrels, or 224,000 barrels per day (bpd), up for the third straight month, government data showed Friday.
As Japan's fifth-biggest oil provider, Kuwait supplied 7.6 percent of the Asian nation's total crude imports, the Japanese Natural Resources and Energy Agency said in a preliminary report. Japan's overall imports of crude oil declined 2.5 percent year-on-year to 2.94 million bpd for the first decline in two months. Shipments from the Middle East accounted for 82.3 percent of the total, up 0.3 percentage points from a year before.
The United Arab Emirates overtook Saudi Arabia to become Japan's No.1 oil supplier, with imports from the nation jumping 24.2 percent from a year earlier to 952,000 bpd. Saudi Arabia ranked second with 860,000 bpd, down 7.8 percent. Russia was third with 271,000 bpd and Qatar fourth with 264,000 bpd, respectively. Japan is the world's-third biggest oil consumer after the US and China, importing virtually all its fossil fuels. On Thursday, Japan's second-biggest oil wholesaler Idemitsu Kosan Co. announced that it has agreed to buy a 33.24 percent stake in the nation's No. 5 oil wholesaler Showa Shell Sekiyu from Royal Dutch Shell Plc for JPY 169 billion (USD 1.4 billion). With the deal, Idemitsu will become Showa Shell's top shareholder.
Saudi Arabia's state-run Saudi Aramco also holds about a 15 percent stake in Showa Shell. The deal will narrow the market share gap between Idemitsu and industry leader JX Nippon Oil & Energy. (end) mk.rk