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Monday, December 11, 2017

Increasing European oil imports

European crude oil imports have remained quite stable at about 12.4-12.7 mbd during the last few years. During the first quarter of 2004 crude oil imports were 13.08 mbd, up 2.5% on the first quarter in 2003. An increasing share of European crude oil imports come from the FSU, 27% in 2002 and 30% in 2003. Imports from OPEC countries also increased its share – from 34% to 37%.

European oil products imports have also remained stable at 4.8-5.0 mbd during the last few years. During the first quarter of 2004 they were 5 mbd up 3.1% on the first quarter of 2003. The largest share of oil products imports comes from the FSU which kept its share stable at 18% from 2002 to 2003.

Imports from the North Sea (Norway and UK) accounted for 24% of European crude oil imports in 2003. Looking at oil shipments from the North Sea in 2003 as compared to 2002, the share of shipments by double-hull tankers has increased (see graph below). For the panamax segment, the share of shipments (in dwt) by double-hull tankers was 50% in 2002 and increased to 71% in 2003. For the aframax segment, the double-hull share was 76% in 2002 and increased to 85% in 2003, and for the suezmax segment the share increased from 79% to 86%. (Source of figures: Fearnleys)

US crude oil imports continued to increase from 9.1 mbd in 2002 to 9.6 mbd in 2003. During the first 5 months of 2004 imports averaged 9.78 mbd, up 6.7% on the same period in 2003. Except for a slight dip in 2002, crude oil imports have shown an ever- increasing trend since 1994. Close to 25% of US crude oil imports are taken from the Middle EastGulf and about 45% are imports from OPEC countries.

US oil product imports show the same increasing trend as crude oil imports. During the first 5 months of 2004 product imports averaged 2.81 mbd, up 7.1% on the same period in 2003.

According to figures from Fearnleys, the oil trades to the US in 2003 were split according to the below table.  For example 41% of the import to the US was by aframaxes and 81% of these aframaxes were double hull: 

 

M dwt

% of trade

% DH

Panamax

73

10

45

Aframax

289

41

81

Suezmax

144

21

74

VLCC

197

28

71

Totals

703

100

 

From 1998 to 2002 Japanese crude oil imports experienced a slowly declining trend from 4.4 mbd down to 4.1 mbd. However crude oil imports increased sharply to 4.7 mbd in 2003 - a special year as many Japanese nuclear reactors were shutdown for maintenance. About 87% on Japanese crude oil imports come from the Middle EastGulf.

During the first 4 months of 2004 imports averaged 4.3 mbd which is 8.4% down on the same period in 2003.

Japanese oil products imports have remained stable at 0.6 to 0.68 mbd since 1999. During the first quarter of 2004 they averaged 0.64 mbd which is down 8% on the same period in 2003.

According to figures from Fearnleys, the oil trades to the Japan in 2003 were split according to the table below.  For example 14% of the import to Japan was in aframaxes and 71% of these aframaxes were double hull: 

 

dwt

% of trade

% DH

Panamax

9

4

66

Aframax

34

14

71

Suezmax

3

1

56

VLCC

200

81

54

Totals

245

100

57

Chinese net crude oil imports continued their strong growth during the first quarter of 2004 totalling 2.3 mbd. Crude oil imports had already grown from 1.3 mbd in 2002 to 1.7 mbd in 2003. Net oil products imports were 0.6 mbd in the first quarter of 2004, up from 0.4 in 2002 and 0.4 in 2003. Heavy fueloil and LPG account for most of the Chinese oil products imports.

US, European and Japanese crude oil and oil product imports are available in the tables and graphs on the following link on the INTERTANKO website: http://www.intertanko.com/research/issue.asp?topic_id=146

Contact: Erik Ranheim or Jan Svenne