OPEC Monthly Oil Market Report – August 2017
rose by 0.8 mb in June to stand at 25.6 mb, which is 0.6 mb, or 2.4%, below one year ago
at the same time, and 1.2 mb, or 4.5%, below the seasonal average. Within the distillate components, jet fuel
and kerosene stocks rose by 1.9% and 13.1%, while gasoil fell by 5.2%, m-o-m.
fell in June by 0.6 mb to stand at 11.3 mb, which is 0.5 mb, or 4.5%, higher
than the same time a year ago, but 0.6 mb, or 5.0%, below the latest five-year average. The draw was driven
by lower domestic sales, which declined by 4.0% from the previous month.
Total residual fuel oil stocks
also fell by 0.5 mb in June to stand at 13.5 mb, which is 0.1 mb, or 0.4%
higher than the same period a year ago, but 0.7 mb, or 5.3%, below the latest five-year average. Within the
fuel oil components, fuel oil A and fuel B.C fell by 0.9% and 5.2%, respectively. The fall in both products was
driven by lower output combined with higher domestic sales.
Table 9 - 4: Japan’s commercial oil stocks*, mb
The latest information for China showed that
total commercial oil inventories
rose by 9.7 mb in June
reversing the fall of last three consecutive months to settle at 386.3 mb, which is 7.3 mb lower than the
previous year. Within the components, crude and products stocks rose by 9.4 mb and 0.3 mb, respectively.
commercial crude stocks
rose by 9.4 mb, for the third consecutive month to stand at 231.7 mb,
which is 0.7 mb below last year at the same time. This build was driven mainly by higher crude imports
combined with lower crude runs, however lower domestic crude production limited further builds in crude oil
Total product stocks
in China also rose by 0.3 mb in June to stand at 154.6 mb, which is 6.6 mb below the
same time a year ago. Within products, kerosene and gasoline inventories saw declines, while diesel stocks
fell by 1.7 mb in June to stand at 69.7 mb, which is 0.5 mb lower than the same period a
year ago. The drop was driven by lower gasoline output due to the decline in crude oil throughput. Higher
gasoline demand also contributed to the fall in gasoline stocks.
also fell in June by 0.2 mb to stand at 18.6 mb, which is 1.4 mb lower than the same time
rose by 2.2 mb in June reversing the fall of last three months. At 66.4 mb,
diesel stocks are 4.7 mb below a year ago at the same time. The build was mainly driven by weak demand
as high temperature and heavy runs impacted outdoor activities and projects.
Jun 17/May 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.