China Oil Trade in October 2013

China’s crude oil imports increased in September by 1,206 tb/d or 24% from the previous month to average 6.3 mb/d. The record-high monthly crude imports in September were due to an inventory build before the commissioning of new refinery units and exceeded the huge imports seen in July. China’s crude imports were 28% higher y-o-y and increased by 311 tb/d or 6% y-t-d, mainly sourced from Saudi Arabia, Angola, Iraq and Oman, the top crude suppliers to China for this month, holding shares of 19%, 15%, 9% and 8%, respectively. All top suppliers increased their exports to China by a percentage ranging from 16% to 52% from a month ago.

On the other hand, China’s product imports were higher in September by 47 tb/d from the previous month and increased by 16 tb/d from a year earlier to average 1.1 mb/d.

China’s crude exports declined in September by 34 tb/d to average 17 tb/d, the lowest in four months. China’s product exports declined as well from last month’s level by 56 tb/d to average 636 tb/d. As a result, China’s net oil imports increased 1,2 mb/d or 25% from the previous month and 29% from a year earlier.