OPEC Monthly Oil Market Report – November 2017
The latest information for China showed that
total commercial oil inventories
fell by 5.3 mb in September
for the third consecutive month to settle at 365.9 mb, which was 6.7 mb lower than the previous year. Within
the components, crude stocks remained unchanged, while products stocks fell by 5.3 mb.
Table 9 - 5: China’s commercial oil stocks, mb
In September, commercial
remained unchanged to stand at 225.8 mb, and were 8.7 mb below
last year at the same time. The fall in domestic crude production offset the increase in crude oil imports
resulting in stable stocks compared to the previous month.
total product stocks
in China fell in September by 5.3 mb to end the month at 140.1 mb, which
was 2.0 mb above the same time a year ago. Within products, kerosene and diesel witnessed stock draws,
while gasoline rose versus the previous month.
rose by 1.6 mb to stand at 66.3 mb, which was 0.5 mb lower than the same period a year
ago. This build was mainly driven by higher gasoline output.
fell by 6.1 mb in September to stand at 55.3 mb. At this level, diesel stocks were 2.0 mb
above a year ago at the same time. The drop in diesel could be attributed to higher consumption as diesel
demand picked up on the back of an increase in infrastructure, industrial and mining projects.
also fell by 0.8 mb in September to stand at 18.4 mb, which was 0.6 mb higher than the
same time a year earlier.
Sep 17/Aug 17
Sources: China Oil and Gas Petrochemicals and OPEC Secretariat.