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Petroleum Devolopments
20
Volume
44
Issue
7
oil Products
Crude Oil
Change from
March
2018
March
2018
April
2018
Change from
March
2018
March
2018
April
2018
-0.475
-2.772
-3.247
0.567
5.974
6.541
USA
-0.148
0.126
-0.022
0.002
3.218
3.220
Japan
Source: OPEC Monthly Oil Market Report, various issues 2018.
Table 4
USA, Japan and China Crude and Product Net Imports / Exports
( Million bbl/d)
On the export side, Japan’s oil products exports decreased in April 2018, by 44
thousand b/d or 7.8% comparing with the previous month, averaging 521 thousand
b/d. As a result, Japan’s net oil imports in April 2018 decreased by 146 thousand b/d
or 4.4% to reach 3.2 million b/d.
Saudi Arabia was the big supplier of crude oil to Japan with a share of 40% of
total Japan crude oil imports, followed by UAE with 28% and Kuwait with 9% of total
Japan crude oil imports.
Table (4)
shows changes in crude and oil products net imports/(exports) in April
2018 versus the previous month:
4. Oil Inventories
In April 2018, OECD commercial oil inventories decreased by 4 million barrels
to reach 2809 million barrels – a level that is 248 million barrels lower than a
year ago. It is worth mentioning that during the month, commercial crude
inventories in OECD decreased by 3 million barrels to reach 1087 million barrels,
and commercial oil products inventories decreased by 1 million barrels to reach
1722 million barrels.
Commercial oil inventories in Americas decreased by 6 million barrels to reach
1460 million barrels, of which 584 million barrels of crude and 876 million barrels
of oil products. Commercial oil inventories Europe decreased by 1 million barrels
to reach 968 million barrels, of which 346 million barrels of crude and 622 million
barrels of oil products. Whereas Commercial oil Inventories in in Pacific increased
by 3 million barrels to reach 381 million barrels, of which 157 million barrels of
crude and 224 million barrels of oil products.