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Petroleum Devolopments
Volume 41 Issue 10
33
oil Products
Crude Oil
Change from
June
2015
June
2015
July
2015
Change from
June
2015
June
2015
July
2015
-
0.333
-
1.331
-
1.664
0.447
6.486
6.933
USA
0.045
0.041
0.086
0.498
2.936
3.434
Japan
0.127
0.356
0.483
-
0.012
7.185
7.173
China
Source: OPEC Monthly Oil Market Report, various issues 2015.
Table 4
USA, Japan and China Crude and Product Net Imports / Exports
( Million bbl/d)
China
In July 2015, China’s crude oil imports increased by 55 thousand b/d or
0.7% to reach 7.3 million b/d, and China’s oil products imports increased
by 377 thousand b/d or 29% to reach 1.3 million b/d.
On the export side, China’s oil products exports increased in July 2015 to
reach 79 thousand b/d, the highest level since April 2015, whereas China’s
oil products exports decreased by 127 thousand b/d or 13.8% to reach 792
thousand b/d. As a result, China’s net oil imports reached 7.7 million b/d,
representing an increase of 1.5% comparing with the previous month.
Saudi Arabia remained the main supplier of crude oil to China with 14%
of total China’s crude oil imports during the month, followed by Angola
with 13% and Russia with 12% of total China’s crude oil imports.
Table (4)
shows changes in crude and oil products net imports/(exports)
in July 2015 versus the previous month:
4. Oil Inventories
In July 2015, OECD commercial oil inventories increased by 18 million
barrels to reach 2923 million barrels – a level that is 233 million barrels
higher than a year ago. It is worth mentioning that during the month,
commercial crude inventories in OECD decreased by 10 million barrels to
reach 1160 million barrels, whereas commercial oil products inventories
increased by 28 million barrels to reach 1763 million barrels.
Commercial oil inventories in Americas increased by 11 million barrels
to reach 1549 million barrels, of which 616 million barrels of crude and
933 million barrels of oil products. Commercial oil Inventories in Europe