Nikkei: "South Korea and Japan Hit Hardest by Sharp Decline in Middle Eastern Oil Exports"

Middle Eastern Crude Oil Shipments Plunge 48% Year-on-Year
Japan Expected to See 47% Drop, South Korea 31%

As exports of Middle Eastern crude oil have plummeted due to the aftermath of the U.S.-Iran war, South Korea and Japan—countries highly dependent on Middle Eastern energy—have suffered the most significant impact.

Oil tanker passing through the Strait of Hormuz unloads crude oil off the coast of Ulsan. Yonhap News Agency

On May 30 (local time), Nikkei, citing data from European shipping analytics company Kpler, reported that an analysis of crude oil imports by major countries between March and May of this year shows that the declines for South Korea and Japan were particularly pronounced.

According to the analysis, with the Strait of Hormuz effectively blocked, Middle Eastern crude oil shipments from March to this month are estimated to decrease by 48% compared to the same period last year. By country, crude oil exports from Kuwait and Iraq are projected to drop by over 90% each, while the United Arab Emirates is expected to see a 33% decrease and Saudi Arabia a 29% decrease. For Iran, exports in March and April remained roughly at last year's level, but are forecast to fall by 87% this month due to the U.S. maritime blockade (counter-blockade) against Iran.

By importing country, Japan's crude oil imports between March and May this year are expected to decrease by 47% compared to the same period last year, representing the largest drop among the world’s top 10 crude oil importers. South Korea follows with a projected 31% decline. As of February, prior to the outbreak of the Iran war, Japan relied on the Middle East for 90% of its crude oil imports, while South Korea's dependence stood at 70%.

In contrast, China’s dependence on Middle Eastern crude oil is relatively low at around 40%, and its crude oil imports are expected to decline by only 18% during the same period.

Japan is offsetting the decrease in Middle Eastern crude oil imports with crude oil from the United States. The share of U.S. crude oil in Japan's imports was just 2% in February, but it has risen to over 20% in early May.

Meanwhile, from March to this month, global naphtha exports are also projected to decline by 23% due to the sharp drop in exports from the Middle East. Naphtha exports from the United Arab Emirates are estimated to fall by 87%, and those from Saudi Arabia by 27%.

This content was produced with the assistance of AI translation services.