Gulf Oil and Gas accountACCOUNT

Oil Trade - March 2017

Source: OPEC_RP170310 3/14/2017, Location: Europe

Share |
In February, preliminary data shows that US crude oil imports declined by 502 tb/d, or 6%, from the previous month to average around 8 mb/d. However, on an annual basis, the figure reflected a slight gain of 77 tb/d, or 1%, from a year earlier. US product imports dropped by 41 tb/d, or 2%, m-o-m to average 2.2 mb/d, while y-o-y the figure remained higher by 107 tb/d, or 5%.

In Japan, crude oil imports dropped in January by 153 tb/d, or 4%, to average 3.5 mb/d. Y-o-y, crude imports increased in January by 58 tb/d, or 2%. On the other hand, product imports increased in January by 37 tb/d to average 658 tb/d, reflecting a gain of 6% m-o-m, while remaining below the level achieved the year before by 40 tb/d. China’s crude oil imports dropped in January by 554 tb/d, or 6%, from the previous month to average 8 mb/d. But on an annual comparison, China’s crude imports were higher by a substantial 1.7 mb/d. The monthly drop in China’s crude oil imports was in line with the decline seen in domestic refinery runs in January. Concerning oil products, China saw no changes in the amount of products imported in January, remaining at the December 2016 figure of 1.2 mb/d.

In January, India’s crude oil imports dropped from the previous month by 132 tb/d, or 3%, from the previous month to average 4.1 mb/d, showing an annual drop of 161 tb/d, or 4%. On the product side, India’s imports in January declined by 66 tb/d, or 8% m-o-m to average 777 tb/d.Y-o-y, they were less by 13 tb/d, or 2%

US
In February, preliminary data shows that US crude oil imports declined by 502 tb/d, or 6%, from the previous month to average 8 mb/d. However, on an annual basis, the figure reflected a slight gain of 77 tb/d, or 1%.

US product imports dropped by 41 tb/d, or 2%, m-o-m to average 2.2 mb/d, while y-o-y they remained higher by 107 tb/d, or 5%.

In February, US product exports registered a decline of 231 tb/d, or 5%, to average 4.7 mb/d from the previous month. On an annual comparison, the figure reflected a gain of 127 tb/d, or 5%.

As a result, US total net oil imports declined in February to average 4.6 mb/d, lower by 12% from the previous month and 10% below last year’s level.

As December data shows, Canada remained the top crude supplier to the US, accounting for 43% of total US crude imports. Yet, its monthly exports to the US were 118 tb/d, or 3%, lower than a month earlier. Saudi Arabia came in as the second-largest supplier, holding a share of 13% of total US crude imports. Venezuela was third-largest with lower volumes than seen in previous month by 79 tb/d or 10%.

Crude imports from OPEC Member Countries in December went up by 2% from a month earlier, mainly due to higher imported volumes from Iraq. On the other hand, US product imports from OPEC Member Countries dropped by 34% from the previous month.

As to the product supplier share, Canada and Russia maintained their position as first and second suppliers to the US, while the UK came in as third highest. The respective shares were 32%, 15% and 5%. As for US crude imports by region in December, despite a m-o-m decline in imported volumes from North America, the region still remained the top supplier to the US, exporting an average of 3.4 mb/d. It was followed by Latin America with 2 mb/d, while imports from the Middle East increased in December from a month earlier, averaging 1.9 mb/d. Imports from Africa averaged 497 tb/d.

As for crude imports by PADDs, in PADD 1 they dropped from most all regions in December from the previous month. Imports from Latin America were the only exception with a rise of 17 tb/d. The highest crude imports to the East Coast came from Africa, despite a decline of 59 tb/d. Imports from North America averaged 248 tb/d, down by 13 tb/d from the previous month. Imports from PADD 2 remained mostly covered from North America with an average of 2.4 mb/d in December, up by 108 tb/d from a month earlier.

PADD 3 covered its imports from Latin America, the Middle East and North America. Imports from the Middle East rose by 75 tb/d in December, while mostly declining from other regions. The imports were up from a month earlier by 226 tb/d and 195 tb/d, respectively. Imports in PADD 4 were lower from North America, down by 79 tb/d m-o-m. In PADD 5, the West Coast continued not to receive any imports from Asia for the second month in a row. Imports from the Middle East increased by 161 tb/d, averaging 417 tb/d in December.

Japan
Japan’s crude oil imports dropped in January by 153 tb/d, or 4%, to average 3.5 mb/d. Y-o-y, crude imports increased in January by 58 tb/d, or 2%.

Looking at the crude suppliers’ share, Saudi Arabia, the UAE and Kuwait were the top suppliers to Japan in January. Saudi Arabia held its position as top crude supplier to Japan with a share of 42% of total crude exports. The UAE came in as the second-largest supplier with a share of 22%, while Kuwait was in third place with a share of 8%. Both Saudi Arabia and Kuwait exported higher volumes of crude to Japan from the previous month, while the UAE saw its exports to Japan decline by 117 tb/d, or 14%, from the previous month.

On the other hand, product imports increased in January by 37 tb/d to average 658 tb/d, reflecting a gain of 6% m-o-m, while remaining below the level achieved a year before by 40 tb/d.

As for product exports, Japan’s exports in January increased by 25 tb/d, or 5%, to average 583 tb/d. Y-o-y, product exports rose by 28 tb/d, or 5%.

Accordingly, Japan’s net imports dropped in January by 141 tb/d to average 3.5 mb/d, reflecting a monthly drop of 4%, while the figure remained almost flat from last year’s level.

China
Following the significant increase in December, China’s crude oil imports dropped in January by 554 mb/d, or 6%, from the previous month to average 8 mb/d. On an annual comparison, China’s crude imports were higher by a substantial 1.7 mb/d. The drop in China’s monthly crude imports was in line with the decline seen in domestic refinery runs in January.

In terms of supplier share, Saudi Arabia, Angola and Russia were the top suppliers to China in January, accounting for 15%, 15% and 14%, respectively, of total imports. Imports from Saudi Arabia and Angola increased by 41% and 46%, respectively, from the previous month. As for products, China showed no changes in the amount of products imported in January, with the figure remaining at the December level of 1.2 mb/d.

China’s crude exports increased by 33 tb/d in January to average 114 tb/d. However, the country’s product exports dropped in the month by 632 tb/d to average 810 tb/d, the lowest level since July 2015. The drop came as exports of all products declined, with the highest declines recorded for diesel, jet fuel and gasoline.

As a result, China’s net oil imports dropped by a slight 44 tb/d, or 1%, from the previous month, while remaining above last year’s level by a significant 1.8 mb/d, or 28%.

India
In January, India’s crude imports dropped by 132 tb/d, or 3%, from the previous month to average 4.1 mb/d, showing an annual drop of 161 tb/d, or 4%.

On the product side, India’s imports in January went down by 66 tb/d, or 8%, m-o-m to average 777 tb/d. Y-o-y, the imports were down by 13 tb/d, or 2%. The drop seen in the monthly product imports came mainly as a result of lower imports of LPG.

India’s product exports, dropped in January by 34 tb/d, or 3%, to average 3 mb/d. Y-o-y, the exports were down by 113 tb/d, or 8%. The drop in the monthly product exports came mainly as a result of lower diesel exports.

Consequently, India’s net oil imports declined by 164 tb/d to average 3.6 mb/d, down by 4% m-o-m and by 2% y-o-y.

FSU
In January, total crude oil exports from the Former Soviet Union increased by 105 tb/d, or 2%, to average 6.9 mb/d. However, crude oil exports through the Russian pipeline remained flat from the previous month, averaging 4.2 mb/d.

Total crude shipments from the Black Sea were up by 61 tb/d, or 13%, to average 657 tb/d. Total Baltic Sea exports dropped by 24 tb/d in January as shipments from Ust Luga port terminal declined by 48 tb/d, though the drop was offset by higher exports from the Primorsk terminal. Druzhba pipeline total shipments declined by 20 tb/d to average 1.1 mb/d, while Kozmino shipments declined by 29 tb/d, or 4%, to average 647 tb/d.

Exports through the Lukoil system rose by 16 tb/d, or 10%, from the previous month in the Barents Sea where the Varandey offshore platform exported an average of 173 tb/d in January, while in the Baltic Sea the Kalinigrad port terminal showed no changes from one month before.

Looking at Asia Russia Far East total exports in January, they rose by 22 tb/d, or 6%, from the previous month as a result of higher exports from both the Aniva Bay port terminal and the De Kastri port terminal.

Black Sea total exports declined by 137 tb/d as the Novorossiyk port terminal (cbc) and Batumi port terminal showed lower exports of 86 tb/d and 33 tb/d, respectively, from December. In the Mediterranean Sea, BTC supplies showed an increase of 147 tb/d, or 25%, from the previous month to average 728 tb/d.

FSU total product exports increased by185 tb/d, or 6%, from the previous month to average 3.4 mb/d. The higher product exports came mainly as a result of larger exported volumes of naphtha and gasoil, which increased from the previous month by 122 tb/d and 116 tb/d, respectively.

Oil News in Austria >>

Austria >>  11/21/2017 - Non-OPEC supply in 2018 was revised down by 94 tb/d compared to last month’s analysis to average 58.54 mb/d, and now is expected to grow at a slower p...
Iran >>  11/21/2017 - Iran’s oil minister said on Monday that a majority of OPEC members support extending output cuts but a final decision will be taken at their next meet...

India >>  11/20/2017 - In September, India’s crude imports dropped from a month earlier by a slight 22 tb/d, to average 4.3 mb/d. Y-o-y, crude imports reflect a drop of 57 t...
Iraq >>  11/16/2017 - A Turkish energy delegation has met with Iraqi top oil officials in Baghdad to discuss issues including the resumption of Kirkuk oil exports via the T...

Austria >>  11/13/2017 - Over the years 2014 through 2016, global oil inventories grew rapidly, as global oil supply outpaced world oil demand. During the same period, the cru...
Austria >>  11/13/2017 - World oil demand growth in 2017 was adjusted higher from the previous month by 74 tb/d, mainly to reflect better-than-expected data from China in 3Q1...

Related Categories: Coal  Electricity  General  Natural Gas  Oil 

Related Articles: Coal  Electricity  General  Natural Gas  Oil 


Austria Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 |

More News

 

Oil & Gas Companies in Austria >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.