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Oil Trade
OPEC Monthly Oil Market Report – June 2016
73
Table 8.2: Japan’s crude and product net imports, tb/d
China
China’s
crude oil imports
increased from the previous month to maintain their high
level. They were up by 249 tb/d, or 3%, from a month ago, averaging 7.95 mb/d. On an
annual comparison, China’s crude imports were up by 559 tb/d, or 8%. On a year-to-
date basis, crude imports were up by 742 tb/d or 11%. Refinery throughput in China
was almost 300 tb/d higher in April compared to March.
In terms of
supplier share
, Russia, Saudi Arabia and Angola were the top crude
suppliers to China in April holding a share of 15% 13% and 12%, respectively. In April,
these top suppliers increased their exports to China by 76 tb/d, 65 tb/d and 116 tb/d,
respectively, from a month earlier.
Graph 8.5: China’s imports of crude and petroleum products
As to China’s
product imports
, these increased slightly in April by 19 tb/d from the
previous month and by 215 tb/d from a year earlier to average1.4 mb/d.
China’s
crude exports
dropped in April from the high level seen in March to average
64 tb/d, down 57 tb/d from last month’s level and by 44 tb/d from the previous year.
0
2,000
4,000
6,000
8,000
10,000
0
400
800
1,200
1,600
Apr 15
May 15
Jun 15
Jul 15
Aug 15
Sep 15
Oct 15
Nov 15
Dec 15
Jan 16
Feb 16
Mar 16
Apr 16
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.
Change
Feb 16
Mar 16
Apr 16 Apr 16/Mar 16
Crude oil
3,462
3,559
3,467
-93
Total products
-85
-146
-26
120
Total crude and products
3,377
3,414
3,441
27
Sources: Ministry of Economy, Trade and Industry of Japan and OPEC Secretariat.