(EnergyAsia, June 2 2010, Wednesday) — Singapore’s trade in physical crude and major oil products reached a record high of 4.43 million b/d in the first quarter of this year, exceeding 4.22 million-b/d level of last year. All the growth came from the products trade which expanded more than 8% to 3.6 million b/d to offset the 7.5% drop in crude’s 823,805 b/d volume.

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The continued growth is helping to cemene Singapore’s position in the global oil trade, which is expected to continue into the decade ahead given the growing demand for energy in Asia and the Middle East. (US$1=S$1.4).

In value terms, Singapore’s physical oil trade came to nearly $37 billion for the quarter, compared with more than S$143 billion in 2009 and a record S$209 billion in 2008. Crude oil prices have held around US$70-$80 a barrel for most of the first quarter. In 2009, prices ranged between US$35 and US$80, while in 2008, they  kept mostly above US$100 a barrel.

Singapore’s crude import continued to decline in the first quarter, continuing a pattern of recent years as it has increased focus on its products trade. Singapore’s crude import fell 7.4% to nearly 824,000 b/d.  

Offsetting crude’s decline, Singapore’s product imports surged nearly 10.6% to  more than 1.9 million b/d while its exports rose 5.28% to nearly 1.7 million b/d.
 
More than a decade of high growth: 1998-2009

The total volume of crude and products traded through Singapore grew at an average 4.5% per year to reach a record of more than 4.22 million b/d in 2009 from 2.6 million b/d in 1998, according to data calculated from state agency International Enterprise Singapore (IES).

Oil products provided all the growth, more than doubling from 1.55 million b/d to over 3.33 million b/d for an annual average growth rate of 7.2%. The crude trade was little changed over the 11-year period, reflecting the lack of growth in Singapore’s refining capacity and the rise of direct trade between crude oil producing countries and consumers. With Asia’s economies continuing to grow, Singapore’s role in the oil products trade is expected to expand.