Oil Updates — Crude slides; Japan to take time phasing out Russian imports; China’s oil imports rebound in April

Oil Updates — Crude slides; Japan to take time phasing out Russian imports; China’s oil imports rebound in April
Oil Updates — Crude slides; Japan to take time phasing out Russian imports; China’s oil imports rebound in April

Thank you for reading the news about Oil Updates — Crude slides; Japan to take time phasing out Russian imports; China’s oil imports rebound in April and now with the details

Jeddah - Yasmine El Tohamy - RIYADH: Oil prices slipped on Monday, along with stock markets in Asia, sparked by fears a global recession could dampen oil demand, with investors eying EU talks on a Russian oil embargo that is expected to tighten global supplies.

Brent crude dropped 28 cents, or 0.3 percent, to $112.11 a barrel by 0153 GMT.

US West Texas Intermediate crude was at $109.36 a barrel, down 41 cents, or 0.4 percent.

Japan to take time phasing out Russian oil imports

Japan will take time to phase out Russian oil imports after agreeing on a ban with other Group of Seven nations to counter Moscow’s invasion of Ukraine, Prime Minister Fumio Kishida said on Monday.

The G7 nations committed to the move “in a timely and orderly fashion” at an online meeting on Sunday to put further pressure on President Vladimir Putin, although members such as resource-poor Japan depend heavily on Russian fuel.

“For a country heavily dependent on energy imports, it’s a very difficult decision. But G7 coordination is most important at a time like now,” Kishida told reporters, repeating comments he made at the G7 meeting.

“As for the timing of the reduction or stoppage of Russian oil imports, we will consider it while gauging the actual situation,” he said. “We will take our time to take steps toward a phase-out.” He did not elaborate.

There have been no ships loading Russian oil for Japan since mid-April, according to Refinitiv data.

About 1.9 million barrels were exported from Russia to Japan in April, 33 percent down from the same month a year ago.

China’s oil imports rebound

China’s crude oil imports grew nearly 7 percent in April from the same month a year earlier, its first rise in three months, although weakening fuel demand due to COVID-19 lockdowns has dampened throughput at Chinese refineries.

The world’s top crude oil buyer imported 43.03 million tons last month, data from the General Administration of Customs showed on Monday, equivalent to 10.5 million barrels per day.

That compares with 9.82 million bpd in April 2021 and 10.06 million bpd in March.

Imports for January-April fell 4.8 percent versus the same period last year to 170.89 million tons, or about 10.4 million bpd.

(With input from Reuters) 

These were the details of the news Oil Updates — Crude slides; Japan to take time phasing out Russian imports; China’s oil imports rebound in April for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT Saudi Arabia, China discuss collaboration in urban development during Beijing meeting

Author Information

I am Jeff King and I’m passionate about business and finance news with over 4 years in the industry starting as a writer working my way up into senior positions. I am the driving force behind Al-KhaleejToday.NET with a vision to broaden the company’s readership throughout 2016. I am an editor and reporter of “Financial” category. Address: 383 576 Gladwell Street Longview, TX 75604, USA Phone: (+1) 903-247-0907 Email: [email protected]