OPEC MOMR November 2017
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Oil Trade

70

OPEC Monthly Oil Market Report – November 2017

China

China’s

crude imports

soared in September by almost 1 mb/d, close to the peak level seen in March 2017.

China’s crude imports averaged 9 mb/d in September, up by 13% from the previous month and an increase

of 12% from the previous year. China crude imports rose in September as refinery throughput increased to a

new peak level, averaging 12 mb/d. Y-t-d crude imports were up by 951 tb/d or 13%.

As to

crude oil supplier

share, Russia, Angola and Saudi Arabia were the top suppliers to China in

September accounting for 17%, 13%, and 12%, respectively.

Crude imports

from these three top suppliers

increased from the previous month by 504 tb/d,155 tb/d and 179 tb/d, respectively. Crude volumes imported

from Iraq, the fourth largest supplier to China in September increased by 100 tb/d m-o-m.

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

petroleum products

Graph 8 - 6: China’s exports of crude and

petroleum products

China’s

product imports

rose by 91 tb/d from a month ago to average 1.4 mb/d in September and remain

265 tb/d above last year’s level.

As to

crude exports

, China exported 109 tb/d in September, up by 47 tb/d m-o-m, reaching the highest level

of exports since March 2017. China’s

product exports

were down by 169 tb/d, or 14%, from a month earlier

and 136 tb/d, or 12%, below the level of the same month a year earlier, to average 1 mb/d.

As a result,

China’s net oil imports in September increased by 1.2 mb/d from the previous month to

average 9.3 mb/d

and were up by 1.4 mb/d from a year ago.

Table 8 - 3: China’s crude and product net imports, tb/d

0

2,000

4,000

6,000

8,000

10,000

0

400

800

1,200

1,600

2,000

Sep 16

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

Jul 17

Aug 17

Sep 17

tb/d

tb/d

Asphalt

Fuel oil

Diesel

Jet fuel

Gasoline

Naphtha

LPG

Others

Crude (RHS)

Sources: Argus China Petroleum and China, Oil and Gas

Petrochemicals and OPEC Secretariat.

0

100

200

300

0

400

800

1,200

1,600

Sep 16

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

Jul 17

Aug 17

Sep 17

tb/d

tb/d

Asphalt

Fuel oil

Diesel

Jet fuel

Gasoline

Naphtha

LPG

Others

Crude (RHS)

Sources: Argus China Petroleum and China, Oil and Gas

Petrochemicals and OPEC Secretariat.

Change

Jul 17

Aug 17

Sep 17 Sep 17/Aug 17

Crude oil

8,157

7,962

8,922

961

Total products

8

118

378

260

Total crude and products

8,165

8,080

9,300

1,221

Sources: Argus China Petroleum and China, Oil and Gas Petrochemicals and OPEC Secretariat.