China Oil Trade - November 2015

Source: OPEC 12/8/2015, Location: Asia

China’s crude imports increased in September by 540 tb/d following the decline of the previous month to average 6.8 mb/d, up by 9% from the month before and 1% from a year ago. Stocks were also seen increasing. Y-t-d, the figures reflect an increase of 553 tb/d or 9%.

Looking at the crude oil supplier’s share, Russia, Saudi Arabia and Oman were the top suppliers to China in September, accounting for 15%, 14% and 11%, respectively. Crude imports from the three top suppliers increased from last month by 257 tb/d, 42 tb/d and 163 tb/d, respectively.

China’s product imports increased by 126 tb/d from a month ago and by 272 tb/d from last year, averaging 1.3 mb/d in September.

China’s crude exports in September dropped by 40 tb/d to average 12 tb/d, while its product exports rose by 142 tb/d or 17% from last month and 334 tb/d from the year before. As a result, China’s net oil imports increased by 564 tb/d from the previous month, yet remained stable from the same month a year before.

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