Preliminary data from Japan's Agency for Natural Resources and Energy revealed Tuesday that Kuwait's crude oil exports to Japan fell 25.4% year-on-year in February 2024, continuing a 17-month consecutive decline.

Key Statistics:

• Kuwaiti Exports:

  • Volume: 3.82 million barrels (136,000 bpd)

  • Market Share: 5.7% of Japan's total imports (down from 7.2% in Feb 2023)

  • Rank: 3rd largest supplier to Japan

• Japan's Overall Oil Imports:

  • Total: 2.4 million bpd (-5.1% YoY)

  • Middle East Share: 97.3% (+0.6% YoY)

Supplier Rankings (February 2024):

1. Saudi Arabia: 1.1 million bpd (+14.3%)

2. UAE: 923,000 bpd (-17.3%)

3. Kuwait: 136,000 bpd (-25.4%)

4. Qatar: 107,000 bpd

5. Oman: 54,000 bpd

Context & Analysis:

• Structural Shift: Japan's gradual move toward renewables/LNG

• Regional Reliance: Middle East maintains 97%+ supply share

• Global Position: Japan remains world's 3rd-largest oil consumer (after China, US)