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Petroleum Devolopments
26
Volume
45
Issue
3
oil Products
Crude Oil
Change from
November
2018
November
2018
December
2018
Change from
November
2018
November
2018
December
2018
-0.137
-3.675
-3.811
-0.166
5.181
5.015
USA
-0.125
0.179
0.054
-0.125
3.120
2.995
Japan
-0.282
0.087
-0.195
-0.066
10.397
10.331
Japan
Source: OPEC Monthly Oil Market Report, various issues 2018.
Table 4
USA, Japan and China Crude and Product Net Imports / Exports
( Million bbl/d)
China
In December 2018, China’s crude oil imports decreased by 123 thousand b/d or 1%
comparing with the previous month level to reach 10.3 million b/d. Whereas China oil
products imports increased by 19 thousand b/d comparing with the previous month to
reach 1.3 million b/d.
On the export side, China crude oil exports decreased in December 2018, by 65 thousand
b/d comparing with the previous month, averaging 7 thousand b/d. Whereas China oil
products exports increased by 301 thousand b/d or 25% comparing with the previous month,
averaging 1.5 million b/d. As a result, China’s net oil imports in December 2018 decreased by
348 thousand b/d or 3.3% to reach 10.1 million b/d.
Table (4)
shows changes in crude and oil products net imports/(exports) in December
2018 versus the previous month:
4. Oil Inventories
In January 2019, OECD commercial oil inventories increased by 13 million barrels to reach
2876 million barrels – a level that is 10 million barrels higher than a year ago. It is worth
mentioning that during the month, commercial crude inventories in OECD increased by 15
million barrels to reach 1101 million barrels, whereas commercial oil products inventories
decreased by 2 million barrels to reach 1775 million barrels.
Commercial oil inventories in Americas increased by 9 million barrels to reach 1535
million barrels, of which 616 million barrels of crude and 919 million barrels of oil products.
And Commercial oil Inventories in Europe increased by 19 million barrels to reach 942
million barrels, of which 336 million barrels of crude and 606 million barrels of oil products.
Whereas Commercial oil inventories in Pacific decreased by 15 million barrels to reach 399
million barrels, of which 149 million barrels of crude and 250 million barrels of oil products.
In the rest of the world, commercial oil inventories increased by 9 million barrels to reach