OPEC Monthly Oil Market Report – September 2017
commercial crude oil stocks
rose in July to stand at 86.5 mb, which was 6.9 mb, or 7.4%, below
the same period a year ago, and 12.9 mb, or 13.0%, below the seasonal norm. The build was driven by
higher crude imports, which rose by 540,000 b/d, or 19.3%, to average 3.3 mb/d. However, higher crude
throughput limited a further build in crude oil stocks. Crude runs rose by 340,000 b/d, or 12.1%, to stand at
total product inventories also
rose by 2.8 mb m-o-m to stand at 61.8 mb in July, which was
slightly less than the same month in the previous year, but 4.6 mb, or 7.0%, lower than the seasonal norm.
Within products, gasoline stocks went down, while others products witnessed a stock-build.
rose by 1.7 mb in July to stand at 27.2 mb, which was 2.3 mb, or 7.9%, below the same
time one year ago, and 2.2 mb, or 7.6%, below the seasonal average. Within the distillate components, jet
fuel and kerosene stocks rose by 1.4% and 16.7%, respectively, while gasoil fell by 1.1%, m-o-m.
Total residual fuel oil stocks
also rose by 0.4 mb in July to stand at 13.9 mb, which was 0.8 mb, or 6.1%
higher than the same period a year ago, but 1.1 mb, or 7.5%, below the latest five-year average. Within the
fuel oil components, fuel oil A and fuel B.C rose by 2.8% and 3.4%, respectively. The build in both products
was driven by higher output.
, gasoline stocks
fell in July by 0.9 mb to stand at 10.4 mb, which was 0.1 mb, or 1.3%, higher
than the same time a year ago, but 1.2 mb, or 10.3%, below the latest five-year average. The fall was driven
by higher domestic sales, which rose by 13.0% from the previous month.
Table 9 - 4: Japan’s commercial oil stocks*, mb
The latest information for China showed that
total commercial oil inventories
fell by 5.7 mb to settle at
380.6 mb, which is 0.5 mb lower than the previous year. Within the components, crude stocks rose by
2.1 mb, while product stocks were 7.8 mb lower m-o-m.
commercial crude stocks
rose by 2.1 mb, for the fourth consecutive month to stand at 233.8 mb,
which is 14.7 mb above last year at the same time. This build was driven mainly by lower crude throughput,
which declined by 1.3%; however, lower domestic crude imports limited further builds in crude oil stocks.
Total product stocks
in China also shrank in July to stand at 146.7 mb, which is 15.2 mb below the same
time a year ago. Within products, jet/kerosene witnessed builds, while gasoline and diesel inventories saw
fell by 4.9 mb in July to stand at 64.8 mb, which is 3.8 mb lower than the same period a
also fell by 3.9 mb in July to stand at 62.5 mb. At this level, diesel stocks are 11.1 mb
below a year ago at the same time. The drop in both products was driven by lower gasoline output due to the
decline in crude oil throughput.
Jul 17/Jun 17
Residual fuel oil
Note: * At the end of the month.
** Includes crude oil and main products only.
Source: Ministry of Economy, Trade and Industry of Japan.