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China Oil Trade - April 2017

Source: OPEC 5/3/2017, Location: Asia

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Following a drop encountered the previous month, China’s crude oil imports increased in February to stand at 8.3 mb/d, up by 273 tb/d or 3% from the previous month. Y-o-y, China’s crude imports were up by 282 tb/d. On a year-to-date analysis, the figures reflect an increase of 1 mb/d, or 14%. In February, China reported a high refinery run and utilisation up by 600 tb/d.

In terms of supplier share, Saudi Arabia, Russia and Angola were the top crude suppliers to China in February, with a share of 15%, 14% and 10%, respectively. In February, supplies from both Saudi Arabia and Russia were up by 60 tb/d and 37 tb/d, respectively, from the previous month, while imports from Angola declined by 317 tb/d. On the other hand, China’s product imports increased in February by 419 tb/d from the previous month and 357 tb/d from a year earlier to average1.2 mb/d.

China’s crude exports dropped in February to average only 14 tb/d, while China’s product exports went up from the previous month by 419 tb/d to average 1.2 mb/d, mainly as exports of gasoline and diesel rose by 157 tb/d and 116 tb/d, respectively.

As a result, China’s net oil imports rose by 106 tb/d or 1% from the previous month, while showing no significant changes from the last year.

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