China Oil Trade - OCT 11

Source: OPEC 11/16/2011, Location: Asia

China’s crude oil import rebounded after three months of consecutive declines starting May to July 2011. In September there was a further slight increase of 0.4% to 4.99 mb/d, moving closer to the 5 mb/d benchmark. In a y-o-y comparison, September shows a decline of 12.2% or 694 tb/d. The year-to-date comparison statistics shows an increase of 160 tb/d, or 3.3%, to the level of 5.03 mb/d. The decline of crude imports could be mainly attributed to a decrease in domestic crude refining resulting from general losses in the refinery industry, uncertain prospects of oil demand under the current macro-economic situation, as well as maintenance and suspensions due to accidents. Product imports m-o-m were down by 88 tb/d, or 8.6%, to 0.94 mb/d, falling back to the pattern of decline between April and July. China’s crude and product imports showed a decline of, respectively, 68 tb/d, or 1.1%, and a decrease of 703 tb/d, or 10.6%, y-o-y.

Chinese crude oil exports rebound by 51 tb/d to 80 tb/d. Product exports increased as well by 155 tb/d, or 29.1%, to 0.69 mb/d. Crude oil exports over the first nine months were 52 tb/d, or 0.3%, lower than last year’s level and products were 646 tb/d, or 2.5%, slightly below last year’s level. As a result, China’s total net oil imports decreased a further 274 tb/d, or 5.0%, from the previous month to stand at 5.1 mb/d. The drop can be attributed more to product net imports which decreased by 243 tb/d to 0.25 mb/d and less to crude oil net imports which showed a moderate decline of 31 tb/d or 0.6%.

Looking at the first nine months of China’s net oil imports in 2011, total net oil imports rose by 313 tb/d, or 6.1%, to a level of 5.4 mb/d. Suppliers to the Chinese market were ranked as Saudi Arabia with 0.96 mb/d, followed by Angola with 0.64 mb/d, Iran with 0.51 mb/d, Oman with 0.45 mb/d and Russia with 0.41 mb/d.


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