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China Oil Trade - August 2017

Source: OPEC 8/21/2017, Location: Asia

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China’s crude imports showed a slight increase in June, following a larger expansion the month before. China crude oil imports rose by 28 tb/d in June to average 8.8 mb/d, as the country continues its stock building activities. On an annual basis, China’s crude imports were higher by a significant 1.3 mb/d, or 18%. While on a y-t-d basis, the figures reflect an increase of 1.1 mb/d, or 14%.

In terms of the crude oil supplier’s share, Russia, Angola and Saudi Arabia were the top suppliers to China in June, accounting for 18%, 13% and 11%, respectively. Crude imports from the top three suppliers in June were lower than the previous month by 80 tb/d, 309 tb/d and 107 tb/d, respectively. However, China’s crude imports increased from Iraq, Brazil and the UK.

China’s product imports fell by 71 tb/d from a month ago, but increased by 238 tb/d on an annual basis. China’s product imports averaged 1.5 mb/d in June.

In June, China’s crude exports averaged 78 tb/d. China’s product exports were 92 tb/d higher in June compared to the previous month. This reflects an average of 1.2 mb/d y-o-y, underscoring a drop of 24 tb/d, or 2%.

As a result, China’s net oil imports dropped by 158 tb/d from the previous month, but remain higher by 1.6 mb/d compared to the same time last year.

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