Tanker Market- October 2015

Source: OPEC_RP151010 10/17/2015, Location: Europe

In September, preliminary data shows that US crude oil imports dropped to average 7.3 mb/d, down by 335 tb/d from last month and by 164 tb/d or 2% from last year. US product monthly imports declined in September from the month before by 380 tb/d to average 1.9 mb/d, while on an annual comparison, they went up by 215 tb/d or 13%. Japan’s crude oil imports increased in August by 60 tb/d or 2% to average 3.5 mb/d, the highest level seen in several months. Japan’s product imports dropped in August by a slight 13 tb/d to average 588 tb/d, reflecting a loss of 2% m-o-m while being stable from a year before. China’s crude imports dropped in August to the lowest level in three months, declining by 972 tb/d or 13% to average 6.3 mb/d. China’s product imports went down by 120 tb/d from a month ago, however they were still higher than last year’s level by 280 tb/d, averaging 1.2 mb/d in August. India’s crude imports in August dropped by 118 tb/d or 3% from the previous month to average 4 mb/d, yet on an annual basis, they registered a gain of 294 tb/d or 8%. Product imports in August rose by 73 tb/d from the previous month to average 703 tb/d.

US
In September, preliminary data shows that US crude oil imports dropped to average 7.3 mb/d, down by 335 tb/d from last month and by 164 tb/d or 2% from last year. On a y-t-d basis, US crude imports in September were 59 tb/d lower. US monthly product imports declined in September from the month before by 380 tb/d to average 1.9 mb/d, while on an annual comparison, they went up by 215 tb/d or 13%. Similarly, on a y-t-d comparison, product imports rose by 13%. In June, US product exports stayed flat at last month’s level of 3.8 mb/d, while on an annual comparison, they were higher than a year before by 192 tb/d or 5%. As a result, US total net imports dropped by around 680 tb/d to average 4.9 mb/d, and down by 283 tb/d or 5% form the level a year earlier.

In July, the top two suppliers to the US maintained the same order as seen last month. Canada remained the premier crude supplier to the US, accounting for 41% of total US crude imports with a similar level of exports to the US as seen last month. Saudi Arabia, which remained the second largest supplier to the US in May, also had higher exports to the US by 96 tb/d. Venezuela came in as the third top supplier, accounting for 11% of total US crude imports as it increased its exports to the US by 78 tb/d or 11% from the previous month.

Crude imports from OPEC Member Countries rose in July from the previous month, increasing by 44 tb/d or 2% and accounting for 37% of total US crude imports. US product imports from OPEC Member Countries were lower by 17 tb/d or 9% from the previous month and 59 tb/d or 25% from last year. As for the product supplier share, Canada and Russia maintained their positions as first and second suppliers to the US, accounting for 23% and 18%, respectively. Both Canada and Russia had lower product exports to the US in September by 107 tb/d and 83 tb/d, respectively. The UK came in as the third supplier to the US with exports increasing by 25 tb/d over a month earlier.

In July 2015, US crude imports from North America averaged 3 mb/d, making North America the top region for US crude imports, followed by Latin America, which stood at 2.4 mb/d in July and the Middle East, which came in as the third region with an average of 1.5 mb/d. Imports from Africa increased from last month to stand at 351 tb/d, while imports from Asia and FSU both had marginal increases from last month.

Looking at crude imports by PADDs, in PADD-1, the highest crude imports to the East Coast were sourced from North America and Africa, which stood at 203 tb/d and 210 tb/d, respectively. Crude imports from Latin America to PADD-1 increased by 15% to average 178 tb/d, while imports to PADD-2 continued to be largely covered from North America, which stood at 1.9 mb/d, down by 26 tb/d from the previous month. PADD-2 imported only 58 tb/d from the Middle East in July. PADD-3 sourced their imports from Latin America, followed by the Middle East, however, exports from the Middle East were lower by 155 tb/d from the previous month to average 858 tb/d. PADD-4, as seen before, covered its total crude requirement from North America, averaging 279 tb/d in July, which was stable from the level seen last month. The West Coast’s largest imports originated from the Middle East, which exported 450 tb/d to PADD-5 in July, followed by Latin America, which exported 381 tb/d. Both regions showed lower exports to PADD-5 from the previous month by 4% and 6%, respectively.

Japan
Japan’s crude oil imports increased in August to reach the highest level seen in several months, rising by 60 tb/d or 2% to average 3.5 mb/d. On a y-o-y comparison, crude imports rose from last year by 143 tb/d or 4%.

Looking at the crude suppliers’ share, as seen in the previous month, Saudi Arabia, UAE and Qatar were the top suppliers to Japan in August. Saudi Arabia came in again as the first crude supplier to Japan, holding a share of 34% of total crude exports, up by 72 tb/d from a month before. UAE came in as the second largest supplier with a share of 25% of total crude exports. Qatar held the third position in August with a share of 10%. Volumes imported from UAE were lower than last month by 190 tb/d, while Qatar increased its exports to Japan by 122 tb/d from last month.

On the other hand, product imports dropped in August by a slight 13 tb/d to average 588 tb/d, reflecting a loss of 2% m-o-m while remaining stable from a year before. In August, Japan’s domestic oil product sales rose by 3.1% from a year earlier. Japan’s product exports in August saw an increase of 129 tb/d to average 644 tb/d, the highest since May 2013. On a y-o-y comparison, the figure shows higher gains of 174 tb/d or 37%. Accordingly, Japan’s net imports dropped in August by 83 tb/d to average 3.4 mb/d, reflecting a monthly drop of 1% and an annual loss of 1%.

China
China’s crude imports dropped in August to the lowest level in three months, down by 972 tb/d, or 13%, to average 6.3 mb/d. On an annual comparison, they were higher than last year by 331 tb/d, or 6%. On a y-t-d basis, the figures reflect an increase of 610 tb/d or 10%. Crude imports from Venezuela, Oman, Brazil and Russia declined in August from the previous month by 251 tb/d, 203 tb/d, 202 tb/d and 161 tb/d, respectively. The drop in imports is likely due to Chinese refiners’ plans to process less crude in 4Q15 than in 3Q, in line with scheduled maintenance in Asia.

As for the crude oil suppliers’ share, Saudi Arabia, Angola and Iraq were the top suppliers to China in August, accounting for 15%, 13% and 13%, respectively. Crude imports from Saudi Arabia were lower than last month’s level by 68 tb/d or 15%, while imports from Angola were lower by 73 tb/d and imports from Iraq were up by 172 tb/d. China’s product imports decreased by 120 tb/d from the previous month, however they were still higher than last year’s level by 280 tb/d, averaging 1.2 mb/d in August. In August, China exported 51 tb/d of crude oil, which was 27 tb/d less than the previous month. On the other hand, China’s product exports increased by 45 tb/d in August over the previous month to average 836 tb/d, while y-o-y, there was an increase of 61 tb/d or 8%. As a result, China’s net oil imports decreased by 1.1 mb/d from the previous month to average 6.5 mb/d, and by 524 tb/d from a year ago.

India
In August, India’s crude imports dropped by 118 tb/d or 3% from the previous month to average 4 mb/d, yet on an annual basis, there was a gain of 294 tb/d or 8%. Product imports in August rose by 73 tb/d from the previous month to average 703 tb/d, while y-o-y, they increased by 210 tb/d. Monthly product imports were higher mainly in LPG, while imports of petrol and naphtha were lower than in the previous month. India’s product exports were higher in August by 165 tb/d or 13% to average 1.5 mb/d. On a y-o-y basis, they were higher than last year by 183 tb/d or 14%. India’s monthly product exports were higher in all product categories, except naphtha, which dropped by 7 tb/d from the previous month.

Consequentially, India’s net imports dropped by 209 tb/d to average 3.3 mb/d, but still reflecting an increase of 13% m-o-m and 14% y-o-y.

FSU
In August, total crude oil exports from the Former Soviet Union (FSU) dropped by 310 tb/d or 5% to average 5.9 mb/d. Crude exports through Russian pipelines declined as well, dropping by 39 tb/d or 1% to average 3.8 mb/d.

Total shipments from the Black Sea dropped by 19 tb/d or 3% to average 586 tb/d. This drop came as shipments from Novorossiysk decreased by 19 tb/d from a month before. While total Baltic Sea exports increased by 48 tb/d in August as shipments from both the Primorsk port terminal and the Ust Luga port terminal increased by 24 tb/d each. The Druzhba pipeline’s total shipment went up by a slight 5 tb/d to average 1.04 m/d, while the Kozmino shipments declined by 73 tb/d or 12% to average 552 tb/d.

Exports through the Lukoil system increased from the previous month both in the Barents Sea, where the Varandey offshore platform went up by 17 tb/d and the Baltic Sea, where the Kalinigrad port terminal rose by 3 tb/d. On other routes, Russia’s Far East total exports were down by 10 tb/d or 3% from the previous month as volumes from the Aniva Bay port terminal dropped by 9 tb/d from July to average 295 tb/d. Central Asia’s total exports stood at 196 tb/d, the same level of the previous month. Baltic Sea total exports went down by 113 tb/d, mainly as exports through Novorossiysk (CPC) dropped by 120 tb/d while being counterbalanced by slight gains from both the Batumi port terminal and the Supsa port terminal. In the Mediterranean Sea, BTC supplies showed a drop of 167 tb/d or 23% from the previous month to average 552 tb/d.

On the product exports side, FSU total product exports dropped by 313 tb/d or 10% from the previous month to average 2.9 mb/d. This drop came as the result of a decline seen in all product exports, with no exceptions. In August, FSU product exports showed a drop of 483 tb/d from a year earlier.


United Kingdom >>  8/2/2022 - Aker Solutions has been awarded a contract(1) from Shell UK for the delivery of a not permanently attended installation (NPAI) for the Jackdaw gas fie...
Netherlands/Holland >>  7/21/2022 - As part of the current Partnership Agreement between Technip Energies and Neste, Technip Energies (TE) has been awarded a large contract by Neste for ...

Norway >>  7/11/2022 - TechnipFMC has been given a brand-new contract by Neptune Energy to provide technical services in Norway. The Technical Service Agreement (TSA) expand...

Related Categories: Coal  Electricity  General  Natural Gas  Oil 

Related Articles: Coal  Electricity  General  Natural Gas  Oil 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.