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Oil Trade - September 2017

Source: OPEC_RP170910 9/12/2017, Location: Europe

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In August, preliminary data shows that US crude oil imports increased slightly by 22 tb/d from the previous month to average 8 mb/d. Although preliminary, the data shows that US crude imports in the week of 1 September 2017 reached 7.1 mb/d, down by almost 822 tb/d from the previous week. On an annual basis, this reflects a drop of 39 tb/d, or 1%, from a year earlier.

US product imports rose by 191 tb/d, or 10%, to average 2.2 mb/d m-o-m, while y-o-y, they went down by 126 tb/d, or 6%. They dropped significantly in the week of 1 September, although the data remains preliminary.

Japanís crude oil imports increased in July by 542 tb/d to average 3.5 mb/d. On an annual basis, crude imports rose in July by 7% as refinery throughput increased by almost 320 tb/d in the same month. In a contrary pattern, Japanís product imports went down in July by 13 tb/d to average 532 tb/d, however annually, they were lower by 18 tb/d, or 3%. The monthly drop came mainly as a result of lower imports of gasoline, fuel oil and jet fuel.

Chinaís crude oil imports dropped in July by 608 tb/d, or 7%, from the previous month to average 8.2 mb/d. Crude imports in the previous month had reached the second highest level on record. Despite of the monthly drop, Chinaís crude imports remained at a high level, showing, in an annual comparison, an increase by 866 tb/d, or 12 %. In July, Indiaís crude imports averaged 4.1 mb/d, which is 222 tb/d, or 5%, lower than the level seen last month. At the same time, Indiaís refinery throughput went down slightly from one month before. On an annual basis, it increased slightly by 24 tb/d, or 1%. Product imports went up in July by 84 tb/d, or 10%, from a month ago to average 909 tb/d, while y-o-y, they rose by 114 tb/d, or 14%, with support continuing to come from strong demand in the country.

US
In August, preliminary data showed that US crude oil imports increased slightly by 22 tb/d from the previous month to average 8 mb/d. Preliminary data shows that US crude imports in the week of 1 September 2017 averaged 7.1 mb/d, down by almost 822 tb/d from the previous week. On an annual basis, this reflects a drop of 39 tb/d, or 1%, from a year earlier.

US product imports rose by 191 tb/d, or 10%, to average 2.2 mb/d m-o-m, while y-o-y, they went down by 126 tb/d, or 6%. They dropped significantly in the week of 1 September, although data remained preliminary.

US product exports in August registered a drop of 540 tb/d, or 12%, to average 4 mb/d. On an annual basis, the figures reflected a drop of 357 tb/d, or 8%. The latest weekly data shows that US product imports were slashed to more than half.

As a result, US total net imports rose in August to average 5.4 mb/d, or 18%, higher than the previous month and 3% up from last yearís level.

In June, Canada remained the top supplier as seen before, accounting for 41% of total US crude imports, though with lesser volumes, by 299 tb/d, from one month before. Canada has held the top supplier position to the US since March 2006. Saudi Arabia came in as the second top supplier to the US, holding a share of 13% of total crude imports. Saudi Arabiaís crude exports to the US dropped from a month earlier by 78 tb/d. Mexico came in as the third top supplier to the US in June, and its volumes were generally stable from the previous month.

Total crude imports from OPEC Member Countries went down in June from the previous month by 100 tb/d, or 3%, to average 3.3 mb/d. Crude imports from OPEC Member Countries accounted for 41% of total US crude imports. On the other hand, US product imports from OPEC Member Countries were less from a month earlier to stand at 218 tb/d, representing a share of 10% of total products imported by the US, however, on an annual basis, they remained 8% above the volumes seen in the same month last year. As for the product supplier share, Canada and Russia maintained their positions as first and second suppliers to the US with a share of 23% and 19%, respectively. Volume-wise, imports from Canada decreased from last month by 20 tb/d, while imports from Russia rose by 108 tb/d m-o-m.

Imports by region remained with no major changes. In June 2017, imports from major regions maintained the same order as previously, although they encountered mainly declines from one month before. The USí largest crude import volumes were sourced from North America, averaging 3.3 mb/d, followed by Latin America, which averaged 2 mb/d in June. The Middle East came in as the third region with an average of 1.8 mb/d. Imports from Africa and Asia rose from a month before.

Japan
Japanís crude oil imports increased in July by 542 tb/d to average 3.5 mb/d. On an annual basis, crude imports rose in July by 7%. Japan imported higher volumes in July as refinery throughput increased by almost 320 tb/d in the same month.

As for the crude oil suppliersí shares, Saudi Arabia, as in the previous month, came in as the top crude supplier to Japan, holding a share of 40% of total crude exports, up by 358 tb/d, or 37%, from last month. At the same time, these volumes were higher than the previous year by 277 tb/d, or 26%. UAE came in as the second largest supplier to Japan with a share of 21% of total crude imports. Qatar came in the third ranking, holding a share of 8%.

On the other hand, Japanís product imports dropped slightly in July by 13 tb/d to average 532 tb/d, annually, product imports were lower by 18 tb/d, or 3%. The monthly drop came mainly as a result of lower imports of gasoline, fuel oil and jet fuel. Japanís product sales in the country were down by 1.2% y-o-y.

Japanís product exports rose in July from the previous month by 98 tb/d to average 607 tb/d. Annually, they increased by 28 tb/d, or 19%.

Accordingly, Japanís net imports increased in July by 430 tb/d to average 3.3 mb/d, reflecting a monthly gain of 15% and an annual increase of 4%.

China
Chinaís crude oil imports dropped in July by 608 tb/d, or 7%, from the previous month to average 8.2 mb/d, while crude imports in the previous month reached the second highest level on record. Despite the monthly decline, Chinaís crude imports remained at high levels, showing an increase by 866 tb/d, or 12%, yo-y. The monthly drop came in line with lower refinery throughput, which decreased from the previous month by almost 500 tb/d.

In terms of the crude oil suppliersí shares, Russia was the main supplier to China in July as its exports to China averaged 1.2 mb/d, although its volumes dropped by 99 tb/d from one month before, Saudi Arabia came in as the second top crude supplier to China for this month, holding a share of 12%, to average 942 tb/d, almost the same level as one month before.

On the other hand, Chinaís product imports decreased in July by 337 tb/d from the previous month, while they remained above the previous year by 86 tb/d to average 1.2 mb/d. The decline in product imports came as a result of lower imports of Petcoke and LPG.

As a result, Chinaís net oil imports dropped by 959 tb/d, or 10%, from the previous month, while they remained 13% higher than a year earlier.

India
In July, Indiaís crude imports averaged 4.1 mb/d, which is 222 tb/d, or 5%, lower than the level in previous month. Indiaís refinery throughput went down slightly from one month before. On an annual basis, it increased slightly by 24 tb/d, or 1%.

Product imports went up in July by 84 tb/d, or 10%, from a month ago to average 909 tb/d y-o-y, reflecting a gain of 114 tb/d, or 14%, y-o-y. They remain supported by strong demand in the country. The monthly increase in product imports came mainly as a result of higher imports of LPG, while diesel imports went down from the previous month.

Indiaís product exports rose in July by 92 tb/d from the previous month to average 1.4 mb/d, the highest level since March 2017, while they increased by 45 tb/d, or 3%, from a year earlier. Monthly exports of almost all products increased.

Consequentially, Indiaís net imports declined by 230 tb/d to average 3.6 mb/d, which is 6% lower than last month, while they remained 3% higher than a year ago.

FSU
In July, total crude oil exports from the former Soviet Union (FSU) went down from the previous month, declining by 232 tb/d, to average 6.6 mb/d. Crude exports through Russian pipelines saw a minor drop as they declined by 62 tb/d, or 2%, to average 3.8 mb/d.

Total shipments from the Druzhba pipeline dropped by 44 tb/d, or 5%, to average 492 tb/d. Exports through Kozmino increased by 75 tb/d to average 671 tb/d in July.

Exports from the Baltics declined by 44 tb/d to average 1.3 mb/d in July.

Black Sea total exports went down by 56 tb/d, mainly as the Novorossiyk port terminal decreased its exports to average 575 tb/d. In the Mediterranean Sea, BTC supplies declined by 8 tb/d, or 1%, from the previous month to average 691 tb/d.

FSU total product exports went down in July from the previous month by 233 tb/d, or 7%, to average 2.9 mb/d. This decline came as a result of a drop in all exported products, with the exception of VGO, which increased from last month by 41 tb/d.

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