OPEC Monthly Oil Market Report – October 2017
Preliminary data for September shows that US crude oil imports decreased to average 7.1 mb/d, down by
856 tb/d from last month. They also saw a drop from last year of 919 tb/d, or 11%. On a y-t-d basis,
US crude imports were 116 tb/d higher. US monthly product imports rose from one month earlier by 170 tb/d
to stand at 2.4 mb/d, while in an annual comparison they were up by 193 tb/d, or 9%.
Japan’s crude oil imports dropped in August by 145 tb/d, or 4%, to average 3.2 mb/d. In a y-o-y comparison,
crude import levels saw no change. Regarding products, Japanese imports were up in August by 55 tb/d to
average 588 tb/d, an increase of 10% m-o-m and 2% from last year.
China’s crude imports went down in August to the lowest level seen this year so far, though remaining
above 8 mb/d. China’s crude oil imports dropped by 179 tb/d, or 2%, in August to average 8 mb/d. In an
annual comparison, China’s crude imports were higher than last year by 266 tb/d, or 3%. China’s product
imports increased by 122 tb/d from a month ago, up by 179 tb/d from last year.
India’s crude imports for August rose by 188 tb/d, or 5%, from the previous month to average 4.3 mb/d,
while dropping by 164 tb/d, or 4% y-o-y. August product imports declined by 56 tb/d from the previous
month to average 810 tb/d, lower y-o-y by 109 tb/d.
In September, lower crude imports were seen following Hurricane Harvey’s touchdown in the US. Preliminary
data shows that
US crude oil imports
decreased to average 7.1 mb/d, down by 856 tb/d from last month,
and a drop over last year of 919 tb/d, or 11%. On a y-t-d basis US crude imports were 116 tb/d higher.
Preliminary data shows that following the impact of Hurricane Harvey,
US crude exports
reached a record
high of 1.3 mb/d in September, showing a hike of 521 tb/d over the previous month.
Graph 8 - 1: US imports of crude and petroleum products
US monthly product imports
saw a different trend, up from one month earlier by 170 tb/d to stand at
2.4 mb/d, the highest level since July 2016 and higher by 193 tb/d, or 9%, annually. In a y-t-d comparison,
product imports were lower by 61 tb/d.
US product exports
in September were 175 tb/d higher than a month ago to average 4.2 mb/d. In an annual
comparison, product exports were lower than a year earlier by 471 tb/d, or 10%.
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.