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Petroleum Devolopments
28
Volume
44
Issue
2
oil Products
Crude Oil
Change from
October
2017
October
2017
November
2017
Change from
October
2017
October
2017
November
2017
-0.138
-3.209
-3.347
0.452
5.917
6.369
USA
-0.108
0.147
0.039
0.398
2.927
3.325
Japan
-0.277
0.240
-0.037
1.567
7.264
8.831
China
Source: OPEC Monthly Oil Market Report, various issues 2017.
Table 4
USA, Japan and China Crude and Product Net Imports / Exports
( Million bbl/d)
China
In November 2017, China’s crude oil imports increased by 1.7 million b/d or 23%
to reach 9 million b/d. And China’s oil products imports increased by 253 thousand
b/d or 20% to reach 1.5 million b/d.
On the export side, China’s crude oil exports reached 207 thousand b/d, the
highest level since March 2017. And China’s oil products exports increased by 529
thousand b/d or 52% to reach 1.5 million b/d. As a result, China’s net oil imports
reached 8.8 million b/d, representing an increase of 17.2% comparing with the
previous month level.
Russia was the big supplier of crude oil to China with 14% of total China’s crude
oil imports during the month, followed by Saudi Arabia with 9.8%.
Table (4)
shows changes in crude and oil products net imports/(exports) in
November 2017 versus the previous month:
4. Oil Inventories
In November 2017, OECD commercial oil inventories decreased by 18 million
barrels to reach 2910 million barrels – a level that is 124 million barrels lower
than a year ago. It is worth mentioning that during the month, commercial crude
inventories in OECD decreased by 2 million barrels to reach 1141 million barrels,
and commercial oil products inventories decreased by 16 million barrels to reach
1769 million barrels.
Commercial oil inventories in Americas decreased by 15 million barrels to reach
1527 million barrels, of which 607 million barrels of crude and 920 million barrels
of oil products. commercial oil inventories in Pacific decreased by 5 million barrels