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Commodities

Saudi Arabia maintains share of Japan's oil imports

Despite production cuts, kingdom holds onto 40% slice by discounting light grade

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Saudi Arabia has kept prices down on its oil to maintain its share of the Japanese market.   © Reuters

TOKYO -- Saudi Arabia accounted for 40% of Japan's crude oil imports in the first half of 2017, unchanged from the share it enjoyed before OPEC agreed to cut oil production.

One of the world's top oil-producing countries, the OPEC leader seems intent on retaining its share of business with Japan, setting a low price for crude's relatively expensive light grade in an effort to ensure this.

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