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Oil Trade

OPEC Monthly Oil Market Report – November 2017

67

Oil Trade

In October, preliminary data shows that US crude oil imports increased to average 7.7 mb/d, up by 564 tb/d

from last month and an increase of 132 tb/d from the same month a year earlier. Year-to-date (y-t-d),

US crude imports were 110 tb/d higher. US product imports dropped from the previous month to average

2 mb/d, down by 91 tb/d, or 4%, y-o-y. Y-t-d, product imports declined by 3%.

In Japan, crude oil imports declined in September by

34 tb

/

d, or 1%, from the previous month, to average

3.1 mb/d. Crude imports declined by 66 tb/d, or 2%, y-o-y. Japan’s product imports were down by 145 tb/d

or 24% m-o-m, but stayed almost flat from last year to average 442 tb/d, the lowest level in the current year

so far.

China’s crude imports increased by 1 mb/d, almost reaching the peak seen in March 2017, to average

9 mb/d in September, up by 13% from the previous month and 12% from a year ago. China’s crude imports

increased as stocks were seen higher as well. China’s product imports rose by 91 tb/d from a month ago to

average 1.4 mb/d in September, remaining 265 tb/d above the year-ago level.

In September, India’s crude imports dropped from the previous month by a slight 22 tb/d to average

4.3 mb/d, showing a drop of 57 tb/d, or 2%, y-o-y. Product imports declined as well by 78 tb/d from the

previous month to average 761 tb/d, the lowest level since June 2017. Y-o-y, product imports dropped by

69 tb/d.

US

In October, preliminary data shows that US

crude oil imports

increased to average 7.7 mb/d, up by 564 tb/d

from a month earlier and an increase of 132 tb/d from the same month last year. Y-t-d, US crude imports

were 110 tb/d higher. The increase in crude imports comes in line with higher refinery throughput, which

increased by almost 570 tb/d in the same month.

US monthly

product imports

dropped from a month earlier to average 2 mb/d, and declined by 91 tb/d, or

4%, y-o-y. Y-t-d, product imports declined by 3%.

Graph 8 - 1: US imports of crude and petroleum

products

Graph 8 - 2: US exports of crude and petroleum

products

4.5

5.5

6.5

7.5

8.5

9.5

0.0

0.5

1.0

1.5

2.0

2.5

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

Jul 17

Aug 17

Sep 17

Oct 17

mb/d

mb/d

Fuel oil

Jet fuel/kerosene

Gasoline

Propane/propylene

Others*

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 EIA and OPEC Secretatiat.

0

500

1,000

1,500

2,000

0

1,000

2,000

3,000

4,000

5,000

6,000

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

Jul 17

Aug 17

Sep 17

Oct 17

tb/d

tb/d

Fuel oil

Jet fuel/kerosene

Gasoline

Propane/propylene

Others*

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 EIA and OPEC Secretatiat.