China Oil Trade in October 14
China�s crude imports increased in August following three consecutive months of decline, rising 338 tb/d or 6% to average 5.9 mb/d. In an annual comparison, Chinese crude imports were higher than in the previous year by 887 tb/d or 17%. Year-to-date, the figures reflect an increase of 451 tb/d or 8%. At the same time, China reported higher crude stocks and more refinery runs. Saudi Arabia, Angola and Oman were the country�s top suppliers in August, accounting for 15%, 13% and 11%, respectively. Crude imports from Saudi Arabia were up from the previous month by 49 tb/d or 5%, while imports from Angola and Oman increased by 95 tb/d and 218 tb/d, respectively. Crude volumes imported from Russia were in fourth place in August, increasing by 99 tb/d. Chinese product imports rose by 78 tb/d from one month ago, though remaining below year-ago levels by 148 tb/d. Chinese product imports averaged 875 tb/d in August.
China exported 25 tb/d of crude oil in August after exporting nothing for five months. Chinese product exports were also up by 114 tb/d in August over the previous month to average 776 tb/d. Y-o-y this reflects an increase of 84 tb/d or 13%, the highest level since December 2009. Meanwhile, net oil imports increased by 277 tb/d from the previous month and 681 tb/d from one year ago to stand at 6.0 mb/d.