MOMR October 2017
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Oil Trade

72

OPEC Monthly Oil Market Report – October 2017

Table 8 - 2: Japan’s crude and product net imports, tb/d

China

China’s crude oil imports

dropped in August to the lowest level seen this year so far, down by 179 tb/d, or

2%, though remaining above 8 mb/d. Nevertheless, China’s refinery throughput was higher in August. In an

annual comparison, China’s crude imports were higher than last year by 266 tb/d, or 3%. On a y-t-d basis the

figures reflect an increase of 950 tb/d, or 13%.

Crude oil imports in August were lower from Russia, though the country remained the

top supplier

to China

in August, despite a drop of 129 tb/d. Similarly, imports from Saudi Arabia were down by 79 tb/d from the

previous month. The top crude oil suppliers to the country were Russia, Angola and Saudi Arabia,

accounting for 13%, 12% and 11%, respectively.

Graph 8 - 5: China’s imports of crude and petroleum products

Chinese

product imports

increased by 110 tb/d from a month ago, up by 179 tb/d from last year as a result

of higher fuel oil and LPG imports.

China

exported

61 tb/d of

crude

oil in August. The country’s

product exports

averaged 1.2 mb/d, up by a

slight 11 tb/d in August over the previous month, reflecting an increase of 219 tb/d, or 22%, y-o-y.

Change

Jun 17

Jul 17

Aug 17 Aug 17/Jul 17

Crude oil

2,807

3,349

3,204

-145

Total products

36

-75

-83

-8

Total crude and products

2,843

3,274

3,121

-152

Sources: Ministry of Economy, Trade and Industry of Japan and OPEC Secretariat.

0

2,000

4,000

6,000

8,000

10,000

0

400

800

1,200

1,600

2,000

Aug 16

Sep 16

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

Jul 17

Aug 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.