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Oil Trade

OPEC Monthly Oil Market Report – September 2017

77

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

As a result,

China’s net oil imports

dropped by 959 tb/d, or 10%, from the previous month, while they

remained 13% higher than a year earlier.

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

India

In July,

India’s crude imports

averaged 4.1 mb/d, which is 222 tb/d, or 5%, lower than the level in previous

month. India’s refinery throughput went down slightly from one month before. On an annual basis, it

increased slightly by 24 tb/d, or 1%.

Product imports

went up in July by 84 tb/d, or 10%, from a month ago to average 909 tb/d y-o-y, reflecting

a gain of 114 tb/d, or 14%, y-o-y. They remain supported by strong demand in the country. The monthly

increase in product imports came mainly as a result of higher imports of LPG, while diesel imports went

down from the previous month.

0

50

100

150

200

250

300

0

200

400

600

800

1,000

1,200

1,400

1,600

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.

Change

May 17

Jun 17

Jul 17

Jul 17/Jun 17

Crude oil

8,728

8,733

8,157

-576

Total products

554

391

8

-383

Total crude and products

9,282

9,123

8,165

-959

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