US crude oil imports averaged 7.6 mb/d, an increase of 163 tb/d over the
previous month, but showed a decline of 449 tb/d or 6% compared to a year ago. Japan crude oil imports increased in July by 87 tb/d or 3% to average 3.1 mb/d. Y-o-y, Japan’s crude imports declined by 387 tb/d or 11%. Chinese crude oil imports declined for the third month in a row in July, dropping by 70 tb/d or 1% to average 5.6 mb/d. In July, Indian crude imports fell by 618 tb/d or 16% from the previous month to average 3.3 mb/d. The country’s crude imports saw an annual drop of 537 tb/d or 14%. Total crude oil exports from the former Soviet Union increased by 193 tb/d or 3% to average 6.1 mb/d in July. Crude exports through the Russian pipelines increased as well, by a slight 25 tb/d or 0.7% to average 3.6 mb/d.
Preliminary data for August shows that US crude oil imports increased to average
7.6 mb/d, up by 163 tb/d from one month earlier, while still reflecting a drop from the
previous year of 449 tb/d or 6%. On a year-to-date basis, US crude imports in August
were 398 tb/d lower.
US monthly product imports were higher in August by 108 tb/d, or 6%, to average
1.8 mb/d. On a year-to-date comparison, product imports declined by 13%. Meanwhile, US product exports in August totaled 3.4 mb/d, up by 198 tb/d from one month ago. In an annual comparison, the figures reflect a drop of 227 tb/d or 6%. Thus, total US net imports were almost stable — as seen in the previous month — averaging 5.7 mb/d, though significantly lower than one year ago, down by 803 tb/d.
In June, the first and second suppliers to the US maintained their places from the
previous month. Canada remained the premier crude supplier to the US, accounting for
39% of total US crude imports, with monthly volumes increasing by a slight 13 tb/d from
one month earlier. Saudi Arabia maintained its position as second largest supplier to
the US in June, though it exported less over the previous month by 207 tb/d or 17%.
Mexico was third top supplier, accounting for 10% of total US crude imports with lower
exports than the previous month by 24 tb/d or 10%.
Crude imports from OPEC Member Countries declined in June from one month before by 72 tb/d or 2%. Imports from OPEC Member Countries accounted for 43% of total US crude imports. Conversely, US product imports from OPEC Member Countries were up by 10 tb/d or 12% from one month before, though down by a slight 4 tb/d from the same month one year earlier. Canada and Russia maintained their positions as first and second product suppliers to the US, accounting for 28% and 14%, respectively.
However, both countries exported less petroleum products to the US in July, lower by
8% and 26%, respectively. Algeria came in as the third supplier to the US, increasing
its exports by 56 tb/d or 8% from the previous month.
Regionally, US crude imports from North America in June averaged 2.75 mb/d,
exceeding imports from both Latin America and the Middle East, which came in second and third to stand at 1.96 mb/d and 1.94 mb/d, respectively. Imports from
North America and the Middle East were higher than the same month one year earlier, while imports from Latin America declined compared with those of the previous June.
Looking at crude imports by PADD region, in PADD 1 the highest crude imports to the East Coast were sourced from Africa, standing at 261 tb/d, followed by North America, which averaged 248 tb/d. Crude imports from Africa were higher in June by 34 tb/d or 15% m-o-m, while imports from North America dropped by 50 tb/d. Imports by PADD 2 were mainly sourced from North America and averaged 2 mb/d, up by 194 tb/d from one month earlier. Additionally, the Middle East supplied a smaller quantity of 30 tb/d, down by a slight 8 tb/d from the previous month. PADD 3 mainly sourced its imports from Latin America and the Middle East, followed by North America, with small volumes also coming from Africa. Imports to the USGC were lower in June over the previous month from all suppliers. PADD 4 solely covered its requirements from North America, with an average of 195 tb/d in June, down 54 tb/d from a month earlier. On the US West Coast, imports from the Middle East rose by 48 tb/d to average 540 tb/d, allowing the region to maintain its position as the main source of crude imports to PADD 5.
Imports to PADD 5 from Latin America, North America and Asia were down, dropping
by 17 tb/d, 41 tb/d and 22 tb/d, respectively.
Japan crude oil imports increased in July by 87 tb/d, or 3%, to average 3.1 mb/d. In a
y-o-y comparison of crude imports, July saw a decline of 387 tb/d or 11%. Saudi
Arabia, the UAE and Qatar were the top suppliers to Japan in July. Saudi Arabia was
the number one crude supplier to Japan, as it had been the previous month,
representing 34% of total crude exports to the country, while the UAE came in as
second-largest supplier, with a 27% share. Qatar held the third position in July, with a
share of 11%. Saudi Arabia, the UAE and Qatar saw reductions in volumes exported to Japan over the previous month by 12%, 7% and 48%, respectively.
Product imports increased in July by 65 tb/d to average 631 tb/d, reflecting a gain of
12% m-o-m and 21% y-o-y. Product imports in July are considered to be the highest
since March 2014, though product sales were lower by 11% over the previous year.
The country’s exports increased in July by 12 tb/d or 3% to average 475 tb/d, though in a y-o-y comparison they dropped by 37 tb/d or 7%.
Accordingly, Japanese net imports rose in July by 140 tb/d to average 3.2 mb/d,
reflecting a monthly gain of 4%, but an annual drop of 7%.
In July, China’s crude oil imports declined for the third month in a row, falling by 70 tb/d
or 1% to average 5.6 mb/d. The drop came mainly from lower crude runs, as refinery
maintenance continued; the country reported low refinery throughput. On an annual
basis, the country’s crude imports were lower than the same period one year earlier by
554 tb/d or 9%. Year-to-date it saw a gain of 389 tb/d or 7%.
Saudi Arabia, Angola and Iraq were the country’s top suppliers in July, accounting for
16%, 12% and 10%, respectively. Saudi Arabia exported less volume to China than a
month earlier by 71 tb/d, while volumes from Angola and Iraq were higher than a month
ago by 7 tb/d and 185 tb/d, respectively. Iran came in as the fourth-largest supplier to
China in July, after increasing exports from the previous month by 27 tb/d.
As was the case for the previous five months, China did not export any crude in July.
Chinese product exports stood almost at the same level as one month ago, averaging 662 tb/d, up by a slight 3 tb/d from June. Y-o-y, this reflects an increase of 94 tb/d or 17%. China’s net oil imports decreased by 233 tb/d from the previous month and 1 mb/d from one year earlier.
In July, India’s crude imports declined by 618 tb/d or 16% from previous month to
average 3.3 mb/d, with crude imports showing an annual drop of 537 tb/d or 14%.
Meanwhile, the country’s July products imports saw an increase of 67 tb/d or 17%
m-o-m to average 465 tb/d, while gaining 94 tb/d y-o-y. At the same time, India’s
product sales were up by 2.9% in July from the previous month. The increase in
monthly product imports came as a result of higher imported volumes of all products,
with the exception of fuel oil, which showed a drop from the previous month of 14 tb/d
or 54%. Imports of diesel and petrol saw the highest increase in July, rising by 9 tb/d
and 22 tb/d, respectively, from the previous month. Too little rain and power outages
spurred the need for product in the country.
India’s product exports dropped in July by 105 tb/d or 8% to average 1.1 mb/d. Y-o-y
product exports were down from one year earlier by 243 tb/d or 17%. The drop in
monthly product exports came on the back of lower exported volumes of diesel and
petrol, which fell 23% and 11% from one month earlier, respectively.
As a result, India’s net imports declined by 446 tb/d to average 2.6 mb/d, reflecting a drop of 446 tb/d m-o-m and 200 tb/d y-o-y.
In July, total crude oil exports from the former Soviet Union increased by
193 tb/d or 3% to average 6.1 mb/d. Crude exports through the Russian pipelines
increased as well, by a slight 25 tb/d or 0.7%, to average 3.6 mb/d.
Total shipments from the Black Sea dropped by 27 tb/d or 2% to average 583 tb/d,
mainly because shipments from Novorossiysk port terminal were lower than one month ago. Total Baltic Sea exports also dropped by 27 tb/d in July, mostly due to lower shipments from Primorsk port terminal, which fell by 53 tb/d. This was, however, counterbalanced by higher oil exports through Ust-Luga terminal, which increased by 226 tb/d from one month earlier. Total shipments through the Druzhba pipeline reached 980 tb/d in July, up by 48 tb/d from the previous month, while Kozmino port shipments
increased by 36 tb/d or 8% to average 507 tb/d.
Exports through the Lukoil system
increased in July from the previous month. The Varandey offshore platform in the
Barents Sea showed a gain of 15 tb/d, while total shipments from the Baltic Sea
averaged 23 tb/d, though at Kalinigrad port terminal they dropped by 4 tb/d.
Other routes reported mixed movement. On the whole, Russian Far East total exports
were lower by 101 tb/d or 33% from the previous month due to a decline in exports
from both Aniva Bay and De Kastri port terminals, which saw losses of 24 tb/d and
77 tb/d from the previous month, respectively. Central Asia’s total exports through the
Kenkiyak-Alashankou pipeline averaged 289 tb/d, up by 53 tb/d from June. Baltic Sea
total exports increased by 91 tb/d, mainly on the back of increased volumes passing
through the Novorossiyk port terminal (CPC), while Batumi and Supsa port terminals
saw declines of 13 tb/d and 3 tb/d, respectively, from one month ago. In the
Mediterranean Sea, BTC supplies gained 104 tb/d or 16% from the previous month to
average 744 tb/d. FSU total product exports dropped by 132 tb/d or 4% from one
month earlier to average 3.4 mb/d. Exports of gasoil, VGO, gasoline and naphtha all
dropped from June, by 14 tb/d, 16 tb/d, 82 tb/d and 38 tb/d, respectively. In July, total
FSU product exports averaged 3.37 mb/d.