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China Oil Trade -July 2015

Source: OPEC 7/28/2015, Location: Asia

In May, China’s crude imports dropped by 1.8 mb/d or 25% from the previous month to average 5.5 mb/d, while on an annual basis, they decreased by 670 tb/d or 11%. Year-to-date, the figures reflected an increase of 279 tb/d or 5%. In terms of supplier share, Russia, Angola and Saudi Arabia were the top crude suppliers to China in May, holding shares of 17%, 14% and 13%, respectively. In May, China’s crude imports saw increased volumes from Russia, which were up by 156 tb/d from the month before, while imports from Saudi Arabia decreased significantly by 562 tb/d from April.

China’s product imports also dropped in May, down by 162 tb/d from the previous month, while they were higher by 87 tb/d from a year earlier to average 995 tb/d. China’s crude exports dropped in May as well, averaging 32 tb/d, while product exports decreased from last month by 43 tb/d to average 708 tb/d.

As a result, China’s net oil imports dropped by 1.9 mb/d or 25% from the previous month to average 5.7 mb/d and down 11% from a year before.



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