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46
Volume
44
Issue
1
oil Products
Crude Oil
Change from
September
2017
September
2017
October
2017
Change from
September
2017
September
2017
October
2017
-1.309
-1.900
-3.209
0.089
5.828
5.917
USA
0.400
-0.253
0.147
-0.243
3.170
2.927
Japan
-0.138
0.378
0.240
-1.658
8.922
7.264
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 27% and Qatar with 8% of
total Japan crude oil imports.
China
In October 2017, China’s crude oil imports decreased by 1.7 million b/d
or 19% to reach 7.3 million b/d, the lowest level since October 2016. And
China’s oil products imports decreased by 163 thousand b/d or 12% to reach
1.3 million b/d.
On the export side, China’s crude oil exports reached 73 thousand b/d.
And China’s oil products exports decreased by 24 thousand b/d or 2% to reach
1 million b/d. As a result, China’s net oil imports reached 7.5 million b/d,
representing a decrease of 19% 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 12.5%, and
Angola with 12%.
Table (4)
shows changes in crude and oil products net imports/(exports) in
October 2017 versus the previous month:
4. Oil Inventories
In October 2017, OECD commercial oil inventories decreased by 40 million
barrels to reach 2940 million barrels – a level that is 115 million barrels lower
than a year ago. It is worth mentioning that during the month, commercial
crude inventories in OECD decreased by 20 million barrels to reach 1151
million barrels, and commercial oil products inventories decreased by 20
million barrels to reach 1789 million barrels.