China Oil Trade - August 2015

China’s crude oil imports increased in June, following the drop recorded the month before. China’s crude oil imports went up by 1.7 mb/d or 31% in June to average 7.2 mb/d. The increase was mostly on the back of strategic stock-building. On an annual comparison, China’s crude oil imports were higher than a year before by 1.5 mb/d or 27%. On a year-to-date basis, figures reflected an increase of 485 tb/d or 8%.

Saudi Arabia, Russia and Iraq were the top crude oil suppliers to China in June, accounting for 18%, 13%, and 11%, respectively. Crude oil imports from Saudi Arabiya were higher from the previous month by 576 tb/d or 80%, while imports from Russia were virtually stable. Imports from Iraq were up from the previous month by 250 tb/d or 49%. Crude volumes imported from Angola, the fourth-largest supplier of crude oil to China in June, dropped by 10%.

China’s oil product imports in June went up by 280 tb/d from a month ago and increased from last year’s level by 320 tb/d. China’s product imports averaged 1.3 mb/d in June.

In June, China exported just 11 tb/d of crude oil. On the other hand, the country’s oil product exports were 212 tb/d higher than in May, averaging 920 tb/d. Y-o-y, exports reflected an increase of 261 tb/d or 40%.

As a result, China’s net oil imports in June increased by 1.8 mb/d from the previous month and were higher by 1.6 mb/d from a year ago.