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WATCHING THE WORLD: Japan seeks oil worldwide
09/10/2007
Japan’s July crude oil imports by refiners and trading houses rose 7.1% from July 2006 to 21.3 million kl, or 4.32 million b/d.While the refiners and trading houses’ crude imports from the Middle East accounted for 85% of overall imports in July, those imports were actually down 7.6% from July 2006 and down from 86.1% in June.Reduced dependence on Middle Eastern supplies? While the amount is not huge, it still makes for an interesting story, due to the fact that Japanese oil companies are going to places much farther afield to obtain their supplies.Consider the efforts of Japan’s Teikoku Oil, a wholly owned subsidiary of oil exploration company Inpex Holdings, which Aug....
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