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Oil Trade

76

OPEC Monthly Oil Market Report – September 2017

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

China

China’s

crude oil imports

dropped in July by 608 tb/d, or 7%, from the previous month to average 8.2

mb/d, while crude imports in the previous month reached the second highest level on record. Despite the

monthly decline, China’s crude imports remained at high levels, showing an increase by 866 tb/d, or 12%, y-

o-y. The monthly drop came in line with lower refinery throughput, which decreased from the previous month

by almost 500 tb/d.

In terms of the

crude oil

suppliers’ shares

, Russia was the main supplier to China in July as its exports to

China averaged 1.2 mb/d, although its volumes dropped by 99 tb/d from one month before, Saudi Arabia

came in as the second top crude supplier to China for this month, holding a share of 12%, to average

942 tb/d, almost the same level as one month before.

On the other hand,

China’s

product imports

decreased in July by 337 tb/d from the previous month, while

they remained above the previous year by 86 tb/d to average 1.2 mb/d. The decline in product imports came

as a result of lower imports of Petcoke and LPG.

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

Change

May 17

Jun 17

Jul 17

Jul 17/Jun 17

Crude oil

2,782

2,807

3,349

542

Total products

65

36

-75

-111

Total crude and products

2,847

2,843

3,274

430

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

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

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.