Japanese government data released Wednesday revealed a 2.3% year-on-year increase in Kuwait's crude oil exports to Japan in March 2024, totaling 5.23 million barrels (169,000 barrels per day) – marking the first annual rise since September 2023.

Key Trade Highlights:

1. Kuwait's Position:

   • Remained Japan's 3rd largest supplier

   • Provided 6.7% of Japan's total crude imports (vs. 6.9% in March 2023)

2. Japan's Overall Imports:

   • Increased 5.4% YoY to 2.52 million bpd (first growth in two months)

   • Middle East share: 96.9% (+2.2 percentage points YoY)

Supplier Rankings:

1. UAE: 1.05 million bpd (-0.9% YoY)

2. Saudi Arabia: 996,000 bpd (+1.4% YoY)

3. Kuwait: 169,000 bpd (+2.3% YoY)

4. Qatar: 139,000 bpd

5. Oman: 80,000 bpd

Market Context:

• Japan ranks as world's 3rd largest crude consumer (after China/US)

• The import rebound follows Q1 2024 industrial production growth of 1.8%

• Middle East suppliers dominate with 96.9% market share