China’s crude oil imports increased in July by 765 tb/d or 14% from the previous month to average 6.1 mb/d. The record-high monthly crude imports were mostly due to a number of temporary factors in addition to a series of disruptions to domestic crude production and quality matters. On an annual comparison, China’s crude imports were 20% higher. On a y-t-d analysis, the figures reflect an increase of 111 tb/d or 2%.
In terms of supplier share, Saudi Arabia, Angola and Oman were the top crude suppliers to China this month, holding a share of 20%, 13% and 13%, respectively. All top suppliers increased their exports to China by a percentage ranging from 2% to 78% from a month ago. While Saudi Arabia and Oman increased their exports from last year, Angola’s volumes were fairly stable compared to last year’s level.
On the other hand, China’s product imports decreased in July by 35 tb/d from the previous month and increased 39 tb/d from a year earlier to average 798 tb/d, the lowest since March of this year.
China’s crude exports increased in July by 33 tb/d to average 41 tb/d, the highest since March 2013. This increase in crude export volumes came as a rebound after the decline it saw in July, while China’s product exports declined from last month’s level by 16 tb/d to average 489 tb/d, the lowest since October 2012.
As a result, China’s net oil imports increased 704 tb/d or 12% from the previous month and 18% from a year earlier.