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Petroleum Devolopments
24
Volume
44
Issue
3
oil Products
Crude Oil
Change from
November
2017
November
2017
December
2017
Change from
November
2017
November
2017
December
2017
0.467
-3.347
-2.879
0.013
6.369
6.382
USA
-0.027
0.039
0.012
0.200
3.325
3.525
Japan
-0.171
-0.037
-0.208
-0.912
8.831
7.919
China
Source: OPEC Monthly Oil Market Report, various issues 2017.
Table 4
USA, Japan and China Crude and Product Net Imports / Exports
( Million bbl/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 26% and Qatar with 7% of total Japan
crude oil imports.
China
In December 2017, China’s crude oil imports decreased by 1.1 million b/d or 12%
to reach 8 million b/d. And China’s oil products imports decreased by 117 thousand
b/d or 7.7% to reach 1.4 million b/d.
On the export side, China’s crude oil exports reached 37 thousand b/d. And
China’s oil products exports increased by 54 thousand b/d or 3.3% to reach 1.6
million b/d. As a result, China’s net oil imports reached 7.7 million b/d, representing
a decrease of 12.3% comparing with the previous month level.
Russia was the big supplier of crude oil to China with 15% of total China’s crude oil
imports during the month, followed by Saudi Arabia with 14% and Angola with 9%.
Table (4)
shows changes in crude and oil products net imports/(exports) in
December 2017 versus the previous month:
4. Oil Inventories
In December 2017, OECD commercial oil inventories decreased by 56 million
barrels to reach 2850 million barrels – a level that is 134 million barrels lower
than a year ago. It is worth mentioning that during the month, commercial crude
inventories in OECD decreased by 39 million barrels to reach 1106 million barrels,
and commercial oil products inventories decreased by 17 million barrels to reach
1744 million barrels.
Commercial oil inventories in Americas decreased by 27 million barrels to reach
1499 million barrels, of which 582 million barrels of crude and 917 million barrels