Japan's Imports of Russian Crude Oil Reach 1.53 Million Barrels Over May-June Period

Deep News07-22 14:40

Data derived from statistics released by Japan's Ministry of Finance indicates that Japan's cumulative imports of Russian crude oil for the months of May and June reached approximately 1.53 million barrels.

The average import price for this crude oil was $103 per barrel.

First-half statistical data for Japan shows total imports of Russian crude oil amounted to 243,000 kiloliters, equivalent to 1.528 million barrels.

The total import value was 25.7 billion yen (approximately $157.6 million).

The calculated cost per barrel of Russian crude oil purchased by Japan was approximately $103.

Japan procured the Russian crude oil in multiple batches over the May to June period.

Major Japanese petroleum companies, including Taiyo Oil Co., Ltd., Idemitsu Kosan Co., Ltd., and ENEOS Corporation, stated that the procurement of Russian oil was aimed at diversifying their crude oil supply channels.

The imported crude oil was all Sakhalin Blend oil produced by the Sakhalin-2 liquefied natural gas project.

This crude oil supply is tied to LNG purchase and sale contracts for the project, which has allowed it to be exempt from related sanctions.

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