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Oil Trade
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OPEC Monthly Oil Market Report – June 2016
Oil Trade
Preliminary data shows that US crude oil imports in May declined by 189 tb/d
from the previous month, to average 7.6 mb/d on an annual basis. Meanwhile, US
crude imports dropped by 375 tb/d from a year earlier. US products imports
declined by 68 tb/d, or 3.2%, to average 2.2 mb/d m-o-m, while on a y-o-y basis,
they remained at last year’s level.
Japan’s crude oil imports dropped in April by 93 tb/d, or 3%, to average 3.5 mb/d.
On an annual basis, crude imports were 115 tb/d, or 3%, higher in April. Japan’s
products imports went up in April by 47 tb/d, to average 524 tb/d.
Meanwhile China’s crude oil imports increased from the previous month by
249 tb/d, or 3%, maintaining a high level and averaging 7.95 mb/d. On an annual
comparison, China’s crude imports were up by 559 tb/d or 8%. As to China’s
product imports, they increased slightly in April by 19 tb/d from the previous
month and by 215 tb/d from a year earlier, to average 1.4 mb/d.
In April, India’s crude imports stayed at high levels, averaging 4.4 mb/d, which is
almost stable from the level seen last month. On an annual basis, this reflects a
big gain from last year and is 592 tb/d, or 16%, higher. India’s product imports
increased by 209 tb/d, or 32%, from a month ago to average 850 tb/d. On a y-o-y
basis, this reflects a gain of 293 tb/d or 52%.
US
Preliminary data shows that US
crude oil imports
in May declined by 189 tb/d from
the previous month to average 7.6 mb/d. On an annual basis, US crude imports
dropped by 375 tb/d from a year earlier.
Graph 8.1: US imports of crude and petroleum products
US
product imports
declined by 68 tb/d, or 3.2%, to average 2.2 mb/d m-o-m, while
on a y-o-y basis, they remained at last year’s level. On a year-to-date comparison,
crude imports were 554 tb/d higher, while product imports dropped by 37 tb/d. As to
product exports
in May, they fell by 703 tb/d, or 16%, to average 3.6 mb/d from the
previous year.
4.5
5.5
6.5
7.5
8.5
0.0
0.5
1.0
1.5
2.0
2.5
May 15
Jun 15
Jul 15
Aug 15
Sep 15
Oct 15
Nov 15
Dec 15
Jan 16
Feb 16
Mar 16
Apr 16
May 16
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.