Preliminary data for November shows that US crude oil imports increased to an
average of 7.4 mb/d, up by 173 tb/d from the previous month and 60 tb/d from
one year ago. US monthly product imports declined in November by 73 tb/d or
4% to average 1.6 mb/d. In an annual comparison, product imports declined by
80 tb/d. Japanese crude oil imports dropped in October by 141 tb/d or 4% to
average 3.1 mb/d, and 188 tb/d or 6% y-o-y. Product imports dropped in October
by 101 tb/d to average 570 tb/d, the lowest level for Japanese product imports
since June 2015, reflecting a drop of 15% m-o-m, but a gain of 11% y-o-y.
In October, China’s crude imports declined following higher levels in the previous
month, dropping by 597 tb/d or 9% to average 6.2 mb/d. Chinese petroleum
product imports also declined in October, down by 15% m-o-m, though
remaining higher than the same month one year ago by 159 tb/d or 17%. India’s
crude imports declined by 176 tb/d or 5% from the previous month to average
3.7 mb/d. Crude imports showed an annual drop of 147 tb/d or 4%. India’s
product imports in October increased by 30 tb/d or 5% m-o-m to average
647 tb/d, while increasing y-o-y by 209 tb/d.
US
Preliminary data for November shows that US crude oil imports increased to an
average of 7.4 mb/d, up by 173 tb/d from the previous month and 60 tb/d from one year
ago. On a y-t-d basis, imports were down in November by 52 tb/d.
US monthly product imports declined in November by 73 tb/d or 4% to average
1.6 mb/d. In an annual comparison, they declined by 80 tb/d.
Meanwhile, US product exports in November reached a total of 3.9 mb/d, up by
56 tb/d from a month ago. Annually, product exports were higher by 100 tb/d or 3%.
As a result, US total net imports were higher by 86 tb/d than the previous month
to average 4.6 mb/d, though showing a drop of 71 tb/d from the year before.
In September, the first and second lead suppliers to the US maintained the same
order as seen the previous month, with Canada holding its top position, accounting for
45% of total US crude imports, though monthly volumes dropped by 126 tb/d from the
previous month. Saudi Arabia kept its spot as second-largest supplier to the US in
September, though its exports also declined in September from the previous month by
143 tb/d or 14%. Venezuela came in as the third-top supplier, accounting for 11% of
total US crude imports with a drop from a month before by 23 tb/d or 3%.
Crude imports from OPEC Member Countries rose in September from one month
earlier by 98 tb/d or 4%, accounting for 36% of total US crude imports. US product
imports from OPEC Member Countries in September were almost stable from the
previous month, up by a slight 6 tb/d or 2%. Canada and Russia maintained their
positions as first and second product suppliers to the US, accounting for 24% and 16%,
respectively, though exports from both countries were slightly lower in September. The
United Kingdom was the third-top US supplier, increasing exports by 41 tb/d or 29%
from the previous month.
US crude imports by region were broken down as follows in September: those from
North America topped the chart with an average of 3.3 mb/d, followed by Latin America
and the Middle East, which came in as second- and third-top regions with 2.2 mb/d and
1.3 mb/d, respectively. Imports from North America were higher than the same month a
year ago, while imports from Latin America and the Middle East were lower annually.
Regarding crude imports by PADD: the highest imports to the East Coast in PADD 1
were sourced from North America at 195 tb/d, followed by Africa, which averaged
192 tb/d. Crude imports from Africa were higher in September by 47 tb/d or 32%
m-o-m, while those from North America dropped by 86 tb/d. Imports from PADD 2 were
also mainly sourced from North America, averaging 2.1 mb/d, though this figure is
lower than the previous month’s number of 112 tb/d. The Middle East only exported
38 tb/d to PADD 2 in September. PADD 3 mainly sourced its imports from Latin America, followed by the Middle East and North America. Imports to PADD 3 were down from Latin America and OECD Europe. As seen before, PADD 4 continued to import only from North America, averaging 280 tb/d in September, down by 41 tb/d from the month before. In PADD 5, imports to the West Coast increased from the Middle East and West Africa over the previous month, while imports from other regions declined from the month before.
Japan
Japan’s crude oil imports dropped in a monthly comparison in October by 141 tb/d or
4% to average 3.1 mb/d; they also fell in a y-o-y comparison, declining in October by
188 tb/d or 6%. Saudi Arabia and the UAE remained as before the main suppliers to
Japan, with shares of 34% and 22%, respectively, while Russia held the third position in
October with a share of 11%. Saudi Arabian and UAE volumes exported to Japan were
less than the previous month by 65 tb/d and 125 tb/d, respectively.
Product imports dropped in October by 101 tb/d to average 570 tb/d, their lowest level
since June 2015, reflecting a drop of 15% m-o-m but a gain of 11% y-o-y. Product sales
rose by 1.8% from the previous year. Japanese product exports in October dropped by
26 tb/d or 4% to average 593 tb/d. Y-o-y they rose by 73 tb/d from a year before.
Accordingly, Japanese net imports went down in October by 217 tb/d to average
3.1 mb/d, reflecting a monthly drop of 7% and annual loss of 6%.
China
In October, China’s crude oil imports declined, following a high level in the month
before, falling by 597 tb/d or 9% to average 6.2 mb/d. At the same time, Chinese
stocks were down from a month before. In an annual comparison, China’s crude
imports were higher than in the same period the previous year by 534 tb/d or 9%. On a
y-t-d basis, this shows a gain of 551 tb/d or 9%.
China’s petroleum product imports also declined in October, dropping by 15%
m-o-m, yet remaining higher than the same month of the previous year by 159 tb/d or
17%. In terms of supplier share, Saudi Arabia, Angola and Russia were the top
suppliers to China in October accounting for 15%, 14% and 13%, respectively.
China’s imports from Saudi Arabia’s declined by 23 tb/d from a month before. Imports
from Russia declined by 180 tb/d, while imports from Angola increased by 157 tb/d.
Oman came in as the fourth-largest supplier to China in October, with lower imports by
101 tb/d from a month before.
Following a gain in the previous month, China’s product exports dropped by 96 tb/d or
10% to average 883 tb/d. On the other hand, China did not export any crude in
October. As a result, the country’s net oil imports decreased by 684 tb/d from the
previous month, but remained above the year-ago level by 656 tb/d, to stand at
6.4 mb/d.
India
India’s crude imports declined in October by 176 tb/d, or 5%, from a month ago to
average 3.7 mb/d. Crude imports showed an annual drop of 147 tb/d, or 4%. India’s
product imports increased by 30 tb/d, or 5%, m-o-m to average 647 tb/d, while
increasing y-o-y by 209 tb/d. Higher product imports came on the back of higher imported
volumes of gasoline and LPG, which increased by 25 tb/d and 11 tb/d, respectively.
India’s product exports dropped in October by 239 tb/d or 18% to average 1.1 mb/d,
the lowest level since April 2015. Y-o-y, product exports showed a higher drop,
declining by 389 tb/d. A monthly product export drop came on the back of lower diesel,
naphtha and fuel oil exports, which declined by 98 tb/d, 60 tb/d and 35 tb/d,
respectively, from the previous month.
Consequentially, India’s net imports increased by 93 tb/d to average 3.2 mb/d,
reflecting a gain of 3% m-o-m and a 451 tb/d or 16% gain y-o-y.
FSU
Total crude oil exports in October from the former Soviet Union (FSU) increased by
1.2 mb/d or 21% following a drop the month before to average 6.5 mb/d. Crude exports
through Russian pipelines rose by 121 tb/d or 3% to average 4.3 mb/d.
Total Black Sea shipments increased by 47 tb/d or 8% to average 637 tb/d, mainly as
those from Novorossiysk port terminal rose over the previous month. Total Baltic Sea
exports dropped by 42 tb/d in October, mostly due to less shipments from Primorsk port
terminal, which declined by 45 tb/d on average. Total shipments through the Druzhba
pipeline averaged 1.1 mb/d in October, showing higher exports by 56 tb/d from the
previous month. Kozmino shipments increased by 51 tb/d or 9% to average 650 tb/d,
while exports through the Lukoil system dropped in October from the previous month
by 22 tb/d.
In other routes, Black Sea total exports increased by 566 tb/d as exports through
Novorossiyk port terminal (CBC) increased by 553 tb/d. Additionally, Batumi port
terminal exports rose by 16 tb/d from a month before. In the Mediterranean Sea, BTC
supplies increased by 463 tb/d from the previous month to average 605 tb/d.
FSU total product exports all increased, with the exception of VGO, which went down
by 53 tb/d. As a result, total FSU product exports averaged 3 mb/d in October.
