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China Oil Trade

Source: OPEC 9/16/2012, Location: Asia

China’s crude oil imports declined by 145 tb/d or 2.7% in July from the previous month to average 5.2 mb/d. The decrease in imported crude volumes came on the back of reduced imports from the top suppliers. Y-o-y, China’s crude imports increased by 567 tb/d, up by 12.3%. Year-to-date, the figures reflect an increase of 536 tb/d or 10.6%. In terms of supplier share, Saudi Arabia, Angola, Iran and Russia all maintained their positions in July as the top crude suppliers to China as in the previous month. However, all suppliers saw a decline in their exports to China by a percentage ranging from 3%-29% m-o-m. Y-o-y, Angola managed to achieve a remarkable increase in its exports to China by 82%, while Russia doubled its exported volumes to China from a year ago.

China’s crude exports rose in July by 24 tb/d to average 50 tb/d. This increase in exported crude volumes came as a rebound after the decline seen last month. The increase amounts to 91.7% m-o-m and 7% y-o-y and is the highest since March 2012. China product exports saw a decrease of 93 tb/d or 17.6% m-o-m and 35.6% y-o-y. As a result, China’s net oil imports showed a small drop of 62 tb/d or 1.1% from the previous month, to stand at 5.4 mb/d, the lowest since November 2011. Y-o-y, net oil imports are up by 11.2%.

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