Singapore's oil trade up by one-third

According to the BP Statistical Review of World Energy 2012, crude oil trading volume in Singapore has increased by almost one-third compared to last year, reaching 1.836 million barrels of crude oil daily. Singapore imported 1.1 million barrels of crude oil daily in 2011, up from 800,000 barrels per day (bpd) in 2010. Most of the crude came from the Middle East and was used mainly to feed the refineries of ExxonMobil, Shell and Singapore Refining Company. Last year, Singapore exported only 14,000 barrels per day (bpd) of crude Oil products trading however, was a completely different story: local and foreign refiners and traders brought in 2.04 million barrels and exported 1.82 million barrels daily, raising Singapore’s oil product exports in 2011 by 32%, compared with the previous year; 70% went to the Asia-Pacific region, while the rest were exported to Australasia and China. (June 22 2012)