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Petroleum Devolopments
Volume 42 Issue 10
oil Products
Crude Oil
Change from
June
2016
June
2016
July
2016
Change from
June
2016
June
2016
July
2016
-0.227
-1.356
-1.583
0.199
7.451
7.650
USA
0.134
-0.163
-0.029
0.012
3.132
3.144
Japan
-0.197
0.129
-0.068
-0.161
7.438
7.278
China
Source: OPEC Monthly Oil Market Report, various issues 2016.
Table 4
USA, Japan and China Crude and Product Net Imports / Exports
( Million bbl/d)
China
In July 2016, China’s crude oil imports decreased by 136 thousand b/d
or 2% to reach 7.3 million b/d, and China’s oil products imports decreased
by 12 thousand b/d or 1% to reach 1.2 million b/d.
On the export side, China’s crude oil exports reached 58 thousand
b/d, the highest level since April 2016. And China’s oil products exports
increased by 185 thousand b/d or 13.4% to reach 1.2 million b/d. As a
result, China’s net oil imports reached 7.2 million b/d, representing a
decrease of 4.7% comparing with the previous month.
Angola was the big supplier of crude oil to China with 15% of total
China’s crude oil imports during the month, followed by Saudi Arabia
with 13%.
Table (4)
shows changes in crude and oil products net imports/(exports) in
July 2016 versus the previous month:
4. Oil Inventories
In July 2016,
OECD commercial oil inventories
increased by 32
million barrels to reach 3111 million barrels – a level that is 196 million
barrels higher than a year ago. It is worth mentioning that during the month,
commercial crude inventories in OECD
increased by 2 million barrels
to reach 1237 million barrels, and
commercial oil products inventories
increased by 30 million barrels to reach 1874 million barrels.
Commercial oil inventories in Americas
increased by 17 million
barrels to reach 1653 million barrels, of which 677 million barrels of crude
and 976 million barrels of oil products.
Commercial oil Inventories in
Europe
increased by 12 million barrels to reach 1017 million barrels, of