Crude oil exports to Japan down 1st time in 4 months

KUWAIT: The Acting Undersecretary of Kuwait's Ministry of Oil Sheikh Talal Al-Sabah has foreboded that the price of a barrel of oil in the global market could hit $70, citing a "historic" OPEC deal to limit output. Speaking to the press as the ministry unveiled its new website yesterday, the Kuwaiti official expected the price of oil to remain within the range of $50 to 60 per barrel (pb) - allaying concerns over a further dip in prices. He described OPEC's deal to slash oil production as a significant achievement, saying that the current oil price of $62 to 63 pb was acceptable.

Sheikh Talal pointed out that the prices of oil are stabilizing thanks in part to an agreement between OPEC and non-OPEC producers to extend output cuts beyond the year 2018, as they seek to clear a global glut of crude. Meanwhile, he revealed that Kuwait is on the verge of sealing a deal to import gas from neighboring Iraq, saying the plan "has reached its final stages." The Kuwaiti official noted that the website promises visitors a better user experience with many new features, including a new design, which makes it easier to navigate. The website also provides a wealth of information on the oil industry, he added, which makes it a comprehensive source for all the statistics and facts that readers yearn for.

Crude oil exports

Meanwhile, Kuwait's crude oil exports to Japan fell 22.5 percent in February from a year earlier to 6.29 million barrels, or 225,000 barrels per day (bpd), for the first decline in four months, government data showed. However, Kuwait remained Japan's third-biggest oil provider, supplying 7.5 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 slid 15.4 percent year-on-year to 2.99 million bpd for the third straight month of drop. Shipments from the Middle East accounted for 87.4 percent of the total, up 1.9 percentage points from a year before. Saudi Arabia continued to be Japan's No.1 oil supplier, but imports from the kingdom shrank 13.9 percent from a year earlier to 1.24 million bpd, followed by the United Arab Emirates with 693,000 bpd, down 7.6 percent. Qatar ranked fourth with 218,000 bpd and Russia fifth with 215,000 bpd, respectively. Japan is the world's-third biggest oil consumer after the US and China. - Agencies