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Oil Trade

OPEC Monthly Oil Market Report – October 2017

69

Oil Trade

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.

US

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%.

4.5

5.5

6.5

7.5

8.5

9.5

0.0

0.5

1.0

1.5

2.0

2.5

Sep 16

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

Jul 17

Aug 17

Sep 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.