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Oil Trade

OPEC Monthly Oil Market Report – August 2017

67

Oil Trade

Preliminary data for July shows that US crude oil imports increased by 33 tb/d from last month to average

8 mb/d. However, on an annual basis imports fell by 116 tb/d, or 1%, from a year earlier. US product

monthly imports declined by 133 tb/d from last month, while on an annual comparison the decline was

491 tb/d, or 20% y-o-y. Japan crude oil imports increased slightly in June, expanding by 25 tb/d to average

2.8 mb/d. On an annual basis, crude imports in June declined by 325 tb/d or 10% y-o-y. Japanese product

imports in June dropped by 43 tb/d to average 545 tb/d, down by 7% m-o-m, but up by 32% y-o-y. China’s

crude oil imports showed a slight increase in June following a larger increase the month before, up by

28 tb/d to average 8.8 mb/d in June. On an annual basis, China’s crude imports were higher than a year

before by a significant 1.3 mb/d, or 18%. China’s product imports in June fell by 71 tb/d from a month

earlier, but the level is 238 tb/d higher than the same time last year. Product imports averaged 1.5 mb/d in

June. India’s crude oil imports in June rose by 83 tb/d, or 2%, from the previous month to annual average of

4.3 mb/d. Crude imports were almost stable compared to the previous year. Product imports in June

witnessed a small drop, down by 10 tb/d from the previous month, to average 822 tb/d. Y-o-y it fell by

48 tb/d.

US

Preliminary data for July shows that

US crude oil imports

increased by 33 tb/d from last month to average

8 mb/d. However, on an annual basis it showed a drop of 116 tb/d, or 1%, from a year earlier. On a y-t-d

basis, US crude imports in July were up by 272 tb/d.

US product imports

declined by 133 tb/d from last month, while on an annual comparison the decline was

491 tb/d, or 20%. On a y-t-d comparison, product imports were lower by 97 tb/d.

Graph 8 - 1: US imports of crude and petroleum products

US product exports

in July were 38 tb/d higher than the previous month, averaging 4.6 mb/d. On an annual

comparison, product exports were lower by 136 tb/d, or 3%, than a year before.

As a result,

US total net imports

declined in July to average 4.5 mb/d, down by 355 tb/d m-o-m and

842 tb/d y-o-y.

4.5

5.5

6.5

7.5

8.5

9.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

Jul 16

Aug 16

Sep 16

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

Jul 17

mb/d

mb/d

Others*

Propane/propylene

Gasoline

Jet fuel/kerosene

Fuel oil

Crude (RHS)

Note: *Others: Contains natural gas liquids, liquefied refinery gases (LRG's), other liquids and all finished petroleum products except

gasoline, jet fuel/kerosene, fuel oil and propane/propylene.

Sources: US Energy Information Administration and OPEC Secretatiat.