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Stock Movements

OPEC Monthly Oil Market Report – November 2017

79

China

The latest information for China showed that

total commercial oil inventories

fell by 5.3 mb in September

for the third consecutive month to settle at 365.9 mb, which was 6.7 mb lower than the previous year. Within

the components, crude stocks remained unchanged, while products stocks fell by 5.3 mb.

Table 9 - 5: China’s commercial oil stocks, mb

In September, commercial

crude stocks

remained unchanged to stand at 225.8 mb, and were 8.7 mb below

last year at the same time. The fall in domestic crude production offset the increase in crude oil imports

resulting in stable stocks compared to the previous month.

In contrast,

total product stocks

in China fell in September by 5.3 mb to end the month at 140.1 mb, which

was 2.0 mb above the same time a year ago. Within products, kerosene and diesel witnessed stock draws,

while gasoline rose versus the previous month.

Gasoline stocks

rose by 1.6 mb to stand at 66.3 mb, which was 0.5 mb lower than the same period a year

ago. This build was mainly driven by higher gasoline output.

Diesel inventories

fell by 6.1 mb in September to stand at 55.3 mb. At this level, diesel stocks were 2.0 mb

above a year ago at the same time. The drop in diesel could be attributed to higher consumption as diesel

demand picked up on the back of an increase in infrastructure, industrial and mining projects.

Kerosene

stocks

also fell by 0.8 mb in September to stand at 18.4 mb, which was 0.6 mb higher than the

same time a year earlier.

Change

Jul 17

Aug 17

Sep 17

Sep 17/Aug 17

Sep 16

Crude oil

233.8

225.8

225.8

0.0

234.5

Gasoline

64.8

64.7

66.3

1.6

66.9

Diesel

62.5

61.4

55.3

-6.1

53.4

Jet/Kerosene

19.5

19.2

18.4

-0.8

17.8

Total products

146.7

145.4

140.1

-5.3

138.0

Total

380.6

371.2

365.9

-5.3

372.6

Sources: China Oil and Gas Petrochemicals and OPEC Secretariat.