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Oil Trade

OPEC Monthly Oil Market Report – August 2017

71

Graph 8 - 6: China’s exports of crude and petroleum products

As a result,

China’s net oil imports

dropped by 158 tb/d from the previous month, but remain higher by

1.6 mb/d compared to the same time last year.

Table 8 - 3: China’s crude and product net imports, tb/d

India

In June,

India’s crude imports

averaged 4.3 mb/d, an increase of 83 tb/d, or 2%, from the previous month.

On an annual basis, 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 the level fell by 48 tb/d. Monthly products imports were mainly lower for LPG, which saw a

drop of 18% from the previous month to average 231 tb/d.

Graph 8 - 7: India’s imports of crude and petroleum products

0

50

100

150

200

250

300

0

200

400

600

800

1,000

1,200

1,400

1,600

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.

Change

Apr 17

May 17

Jun 17 Jun 17/May 17

Crude oil

8,304

8,728

8,733

5

Total products

350

554

391

-163

Total crude and products

8,653

9,282

9,123

-158

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

0

1,000

2,000

3,000

4,000

5,000

0

200

400

600

800

1000

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

Kerosene

Gasoil

Fuel oil

Crude (RHS)

Sources: Petroleum Planning & Analysis Cell of India and OPEC Secretariat.