MOMR September 2017
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Oil Trade

OPEC Monthly Oil Market Report – September 2017

73

Oil Trade

In August, preliminary data shows that US crude oil imports increased slightly by 22 tb/d from the previous

month to average 8 mb/d. Although preliminary, the data shows that US crude imports in the week

of 1 September 2017 reached 7.1 mb/d, down by almost 822 tb/d from the previous week. On an annual

basis, this reflects a drop of 39 tb/d, or 1%, from a year earlier.

US product imports rose by 191 tb/d, or 10%, to average 2.2 mb/d m-o-m, while y-o-y, they went down by

126 tb/d, or 6%. They dropped significantly in the week of 1 September, although the data remains

preliminary.

Japan’s crude oil imports increased in July by 542 tb/d to average 3.5 mb/d. On an annual basis, crude

imports rose in July by 7% as refinery throughput increased by almost 320 tb/d in the same month. In a

contrary pattern, Japan’s product imports went down in July by 13 tb/d to average 532 tb/d, however

annually, they were lower by 18 tb/d, or 3%. The monthly drop came mainly as a result of lower imports of

gasoline, fuel oil and jet fuel.

China’s crude oil imports dropped in July by 608 tb/d, or 7%, from the previous month to average 8.2 mb/d.

Crude imports in the previous month had reached the second highest level on record. Despite of the

monthly drop, China’s crude imports remained at a high level, showing, in an annual comparison, an

increase by 866 tb/d, or 12 %. In July, India’s crude imports averaged 4.1 mb/d, which is 222 tb/d, or 5%,

lower than the level seen last month. At the same time, India’s refinery throughput went down slightly from

one month before. On an annual basis, it increased slightly by 24 tb/d, or 1%. Product imports went up in

July by 84 tb/d, or 10%, from a month ago to average 909 tb/d, while y-o-y, they rose by 114 tb/d, or 14%,

with support continuing to come from strong demand in the country.

US

In August, preliminary data showed that

US crude oil imports

increased slightly by 22 tb/d from the

previous month to average 8 mb/d. Preliminary data shows that US crude imports in the week of

1 September 2017 averaged 7.1 mb/d, down by almost 822 tb/d from the previous week. On an annual

basis, this reflects a drop of 39 tb/d, or 1%, from a year earlier.

US product imports

rose by 191 tb/d, or 10%, to average 2.2 mb/d m-o-m, while y-o-y, they went down by

126 tb/d, or 6%. They dropped significantly in the week of 1 September, although data remained preliminary.

Graph 8 - 1: US imports 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

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

mb/d

mb/d

Others*

Propane/propylene

Gasoline

Jet fuel/kerosene

Fuel oil

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 Energy Information Administration and OPEC Secretatiat.