China’s crude oil imports from the US
The US started exporting crude oil after lifting the export ban in December 2015. China is the largest crude oil importer after the US. So far, China has imported 100,000 bpd (barrels per day) from the US in 2017. However, its imports rose to 180,000 bpd in May 2017. The rise in exports from the US will add to global oversupply. It’s bearish for crude oil (FENY) (FXN) (SCO) prices.
China’s crude oil imports
China’s crude oil imports rose to 8.76 MMbpd (million barrels per day) in May 2017—compared to April 2017. Imports rose 8% in May 2017—compared to April 2017. Read Will China’s Crude Oil Imports Help Crude Oil Bulls? to learn more.
India’s crude oil imports from the US
India is the third-largest crude oil consumer after the US and China. India is expected to import crude oil from the US by October 2017. It will be the first time that India has imported oil from the US. India imports crude oil from OPEC members like Saudi Arabia and Iran.
India’s crude oil imports
India’s crude oil imports fell 4.2% in May 2017—compared to May 2016. India’s crude oil demand averaged 4.39 MMbpd in 2016. For more on India and Asia’s crude oil demand, read China, Japan, and India Could Help Crude Oil Bulls.
The rise in exports from the US will add to global oversupply. It will intensify the tussle for market share between the US, OPEC, and Russia. It could weigh on crude oil prices.
For more on crude oil price forecasts, read Analyzing Hedge Funds’ Net Long Position on US Crude Oil.
Read Is It Time for US Crude Oil to Test $40 per Barrel? and OPEC and Non-OPEC Meeting Could Drive Crude Oil Futures to learn more about crude oil.