of Energy Products
The import of fuels is a critical avenue for Singapore to secure a reliable and diversified supply of competitively-priced energy.
Singapore imported 189.3 Mtoe of energy products in 2017, 7.4% higher than the 176.3 Mtoe recorded in the preceding year. Petroleum Products comprised the bulk (i.e. 63.7%) of total imports, followed by Crude Oil (i.e. 30.6%). Imports of Natural Gas (NG), mainly in the form of Pipeline Natural Gas (PNG), which accounted for 72.4% of total NG imports in 2017, grew by 2.0% to 9.9 Mtoe.
Overall energy exports grew 3.3%, from 99.3 Mtoe in 2016 to 102.6 Mtoe in 2017. This increase was primarily driven by stronger external demand for Fuel Oil and Jet Fuel Kerosene.
Stock change is the difference between the opening and closing stock levels on national level on the first and last day of the calendar year respectively. A net increase in stock change refers to a stock draw as it is an addition to supply. A net decrease in stock change denotes a stock build as supply is withdrawn into inventory. This definition of stock change is in accordance with the International Energy Agency's (IEA) definition.
A stock draw of 734.4 ktoe of energy products was registered in 2016. This contrasted with a stock build of 1,498.9 ktoe in 2015.
The overall stock draw in 2016 was due primarily to a stock draw of Petroleum Products (i.e. 541.0 ktoe), Crude Oil & NGL (i.e. 141.8 ktoe) and Natural Gas (i.e. 51.6 ktoe).