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China Oil Trade - April 2012

Source: OPEC 5/17/2012, Location: Asia

China’s crude oil imports declined slightly in March, by 406 tb/d, or 6.8%, to 5.57 mb/d. Y-o-y, they increased by 444 tb/d, or 8.7%. Product imports decreased in March by 67 tb/d, or 6.5%, to 964 tb/d. Y-o-y, they decreased by 230 tb/d, or 19.3%. China’s crude oil exports decreased in March by around 60 tb/d, or 55.2%, to 49 tb/d. Y-o-y, this meant a decrease of around 31 tb/d, or 39.0%. Oil product exports fell by 56 tb/d, or around 10.0%, to 505 tb/d. Y-o-y, they were down by 242 tb/d, or 32.4%. As a result, China’s total net oil imports decreased by 357 tb/d, or 5.6%, in March to 5.98 mb/d. This decrease can be attributed mainly to net crude imports, which fell by 346 tb/d, or 5.9%, to 5.52 mb/d. The top five suppliers to the Chinese market were ranked as Saudi Arabia with 0.93 mb/d or 16.8%, Angola with 0.86 mb/d or 15.4%, Russia with 0.55 mb/d or 9.8%, Venezuela with 0.46 mb/d or 8.3% and Oman with 0.39 mb/d or 6.9%.

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