Japan: Market for Crude Oil and Processed Petroleum 2024

Market Size for Crude Oil and Processed Petroleum in Japan

In 2022, the Japanese market for crude oil and processed petroleum increased by X% to $X, rising for the second year in a row after two years of decline. Overall, consumption, however, recorded a perceptible reduction. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Production of Crude Oil and Processed Petroleum in Japan

In value terms, crude oil and processed petroleum production declined to $X in 2022 estimated in export price. Over the period under review, production recorded a abrupt slump. The most prominent rate of growth was recorded in 2021 when the production volume increased by X%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Crude Oil and Processed Petroleum

Exports from Japan

Crude oil and processed petroleum exports from Japan surged to X tons in 2022, jumping by X% against 2021 figures. In general, total exports indicated noticeable growth from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2020 indices. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, crude oil and processed petroleum exports skyrocketed to $X in 2022. Over the period under review, exports continue to indicate tangible growth. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Australia (X tons), Singapore (X tons) and South Korea (X tons) were the main destinations of crude oil and processed petroleum exports from Japan, together comprising X% of total exports. China, the United States, the Philippines, Malaysia, Chile and Hong Kong SAR lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Philippines (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Australia ($X), South Korea ($X) and Singapore ($X) were the largest markets for crude oil and processed petroleum exported from Japan worldwide, with a combined X% share of total exports. The United States, the Philippines, China, Chile, Malaysia and Hong Kong SAR lagged somewhat behind, together comprising a further X%.

The Philippines, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for crude oil and processed petroleum stood at $X per ton in 2022, increasing by X% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Chile ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Crude Oil and Processed Petroleum

Imports into Japan

In 2022, approx. X tons of crude oil and processed petroleum were imported into Japan; growing by X% against the previous year. Over the period under review, imports, however, continue to indicate a noticeable decline. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, crude oil and processed petroleum imports surged to $X in 2022. In general, imports, however, continue to indicate a noticeable curtailment. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Saudi Arabia (X tons), the United Arab Emirates (X tons) and Qatar (X tons) were the main suppliers of crude oil and processed petroleum imports to Japan, with a combined X% share of total imports.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X), the United Arab Emirates ($X) and Qatar ($X) appeared to be the largest crude oil and processed petroleum suppliers to Japan, together accounting for X% of total imports.

The United Arab Emirates, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average import price for crude oil and processed petroleum amounted to $X per ton, rising by X% against the previous year. Over the period under review, the import price, however, saw a mild slump. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Indonesia ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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