OIL: Japan Imports Russian Sakhalin Crude First Time In Eight-Months In Jan

Japan imported 747,706 barrels of Russian Sakhalin Blend crude in January, marking the first import of Russian crude oil since May, preliminary data from the Ministry of Economy, Trade and Industry showed.

• Japan has exempted crude oil imports from the Sakhalin 2 project from the price cap as it considers it a matter of energy security.
• The January imports of the Sakhalin Blend crude came as Petroleum Association of Japan President Shunichi Kito said that Japan may look at importing Russian crude oil if the need arises, to ensure stable LNG supply from the Sakhalin 2 project.
• Russian crude oil imports will likely remain an exception, Kito added.
• The suspended crude inflows led to a 60.2% decline in Japan's Russian crude imports to just 35,548bpd in 2022, METI data showed.
• Last year, Japan boosted the share of crude imports from the Middle East to 94.1% from 92.7% a year ago.