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Oil Trade

70

OPEC Monthly Oil Market Report – August 2017

Table 8 - 2: Japan’s crude and product net imports, tb/d

China

China’s crude imports

showed a slight increase in June, following a larger expansion the month before.

China crude oil imports rose by 28 tb/d in June to average 8.8 mb/d, as the country continues its stock

building activities. On an annual basis, China’s crude imports were higher by a significant 1.3 mb/d, or 18%.

While on a y-t-d basis, the figures reflect an increase of 1.1 mb/d, or 14%.

In terms of the

crude oil supplier’s share

, Russia, Angola and Saudi Arabia were the top suppliers to China

in June, accounting for 18%, 13% and 11%, respectively. Crude imports from the top three suppliers in June

were lower than the previous month by 80 tb/d, 309 tb/d and 107 tb/d, respectively. However, China’s

crude

imports

increased from Iraq, Brazil and the UK.

China’s product imports

fell by 71 tb/d from a month ago, but increased by 238 tb/d on an annual basis.

China’s product imports averaged 1.5 mb/d in June.

Graph 8 - 5: China’s imports of crude and petroleum products

In June,

China’s crude exports

averaged 78 tb/d. China’s product exports were 92 tb/d higher in June

compared to the previous month. This reflects an average of 1.2 mb/d y-o-y, underscoring a drop of 24 tb/d,

or 2%.

Change

Apr 17

May 17

Jun 17 Jun 17/May 17

Crude oil

3,530

2,782

2,807

25

Total products

187

65

36

-29

Total crude and products

3,716

2,847

2,843

-4

Sources: Ministry of Economy, Trade and Industry of Japan and OPEC Secretariat.

0

2,000

4,000

6,000

8,000

10,000

0

400

800

1,200

1,600

2,000

Jun 16

Jul 16

Aug 16

Sep 16

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

tb/d

tb/d

Others

LPG

Naphtha

Gasoline

Jet fuel

Diesel

Fuel oil

Asphalt

Crude (RHS)

Sources: Argus China Petroleum and China, Oil and Gas Petrochemicals and OPEC Secretariat.