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U.S. & Chinese Oil Imports Grows

U.S. & Chinese Oil Imports Grows
US crude oil imports averaged 8.84 mb/d in February, 0.41 mb/d higher than in the previous month. On a y-o-y basis, February data showed a decline of 4% or 0.37 mb/d compared to the same month a year ago.

U.S. and Chinese Oil Imports Continue to Grow in February

US crude oil imports averaged 8.84 mb/d in February, 0.41 mb/d higher than in the previous month. On a y-o-y basis, February data showed a decline of 4% or 0.37 mb/d compared to the same month a year ago. For the last 2 months, US crude oil imports showed a constant rising trend after the sharp decline in December. US product imports declined slightly in February by 1.2% or 34,000 b/d compared to the previous month to average 2.76 mb/d, and showed a decline of 8% or 0.23 mb/d from the same month a year ago. Finished motor gasoline imports stood at 217,000 b/d compared to 214,000 b/d in January and were 20.6% higher compared to the same month last year. Distillate imports in February were 441,000 b/d compared to 476,000 b/d in the previous month and 327,000 b/d a year earlier.

On the export side, US products exports fell in February compared to the previous month, averaging 1.67 mb/d. On a y-o-y basis, product exports were 8% or 149,000 b/d lower. As a result, US net oil imports in February were 4.7% or about 0.46 mb/d higher compared to the previous month to average 9.89 mb/d. This was the result of an increase of 0.46 mb/d in net crude oil imports and of 40 tb/d in net product imports, both compared to the previous month. February net oil imports were 4.4% lower than a year earlier, representing a decline of 0.45 mb/d from a year ago.
According to the latest data available, Canada was the top crude oil supplier to the US in November, supplying about 2.05 mb/d, up from 1.98 mb/d in the previous month.

Mexico was next, supplying 1.06 mb/d, up from about 0.95 mb/d in the previous month. Nigeria and Saudi Arabia came next with 1.02 mb/d and 0.89 mb/d respectively. OPEC Member Countries supplied 3.85 mb/d or 47.3% of total US crude oil imports in November, down from 4.23 mb/d the previous month and from 5.10 mb/d in the same month a year earlier. For product imports, Canada was again the top product supplier to the US in November, supplying about 0.60 mb/d, compared to 0.54 mb/d in the previous month, followed by the Virgin Islands with 0.29 mb/d, up from 0.21 mb/d compared to last month. Russia was next with 0.22 mb/d, down from 0.26 mb/d a month earlier, followed by Algeria with 0.21 mb/d, up from 0.18 mb/d. Venezuela supplied the US with 70 tb/d of products in November followed by Libya with 20 tb/d.

Altogether, OPEC Member Countries supplied about 336,000 b/d or 14.3% of total US product imports in November, down from 357,000 b/d in the previous month. For US product exports, Mexico was the top importer in November, importing 0.41 mb/d.
Canada was next with 0.17 mb/d followed by Brazil with 0.10 mb/d. Altogether, OPEC Member Countries imported an average of 130,000 b/d of US products in November compared to 124,000 b/d the previous month.

Chinese Imports

According to Chinese official data, China"s crude oil imports have declined in January 2010 to 4.04 mb/d, which represents a decline compared to the record high import of last month of 20%, but still 33% higher than crude oil imports last year, which were 3.03 mb/d. Imports of oil products stood at 0.79 mb/d, 25% lower than the month mbefore and 6% lower than the previous year. Diesel imports remained on the top of the product imports list in January with an average of 320 tb/d, indicating a decline of 85 tb/d or 20% compared to the previous month. Jet fuel followed with 119 tb/d in January, lower by 7 tb/d from the previous month. The increase in import tax for some products supported the decline in product imports.

China total product exports averaged 721 tb/d in January, a decline of 250 tb/d or 25% compared to the previous month. Exports of gasoline on average stood at 165.000 b/d, compared to 269.000 b/d the previous month. Average exports of diesel slightly declined to 112.000 b/d for January compared to 269.000 b/d the month before.

As a result, China net oil imports averaged 4.08 mb/d in January, a decline of 944 tb/d or 19 % compared to the previous month. The decline in both crude oil and product imports was behind the drop in January, as exports declined.

Angola was China"s top crude oil supplier in January, supplying about 0.8 mb/d or 20% of China"s total crude imports. Angola"s crude exports to China declined from the month before which stood at 0.95 mb/d, but increased in January from 0.52 mb/d last year. Saudi Arabia supplied 0.69 mb/d, down from 1.2 mb/d in December, which represents a share of 17%. Iran supplied 0.26 mb/d, down from 0.35 mb/d a month earlier, which represents a 6.3% share. Altogether OPEC Member Countries supplied China with about 2.47 mb/d or 61% of its crude oil imports in January, down from 3.31 mb/d the previous month. Top non-OPEC crude oil suppliers in January include Russia with 0.30 mb/d, Sudan with 0.27 mb/d and Oman with 0.16 mb/d.

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