NO. 45



Japanese Buyers Move to Make Up Iraq/Kuwait Supply Shortfall from Iran

In the wake of the cutoff of crude oil supplies from Iraq and Kuwait,Japanese buyers have been moving quickly to make up the shortfall fromneighboring Iran. In the third quarter, regular Japanese contract liftings fromIraq and Kuwait have been running at some 220,000 b/d and 150,000 b/drespectively - thus amounting to a total shortfall of 370,000 b/d which nowneeds to be made up from other...