Country imports less oil in first half

THE COUNTRY’S oil import bill decreased in the first half of the year on the back of less crude oil shipments during the period, data from the Energy department showed.

Net imports — the difference between the country’s oil imports and exports — fell 8.01% to $6.096 billion in the January-June period from $6.627 billion in the same six months last year. This is equivalent to a volume of 53.590 million barrels of oil, down 2.88% from 55.182 million barrels.

Total imports dropped by 8.15% to $6.603 billion in the first half this year from $7.189 billion in the same period last year due to less shipments — which slid by 2.93% to 58.289 million barrels from 60.050 million barrels.

Specifically, crude oil imports decreased by 22.32% to $2.837 billion from $3.652 billion, outpacing the increased imports of finished petroleum products, which inched up by 6.47% to $3.766 billion from $3.537 billion.

In terms of volume, the country imported a total 25.821 million barrels of crude oil in the first semester, 17.46% less than the 31.283 million barrels in the same period last year.

The volume of imported finished products, on the other hand, rose by 12.87% to 32.468 million barrels from 28.766 million barrels.

Meanwhile, the country’s petroleum exports dipped by 9.73% to $507.2 million in the first six months of the year from $561.9 million in the same period last year, mainly because of decreased exports of refined petroleum products.

Earnings from the export of finished products fell 17.87% to $431.6 million from $525.5 million. Earnings from the export of crude oil, on the other hand, doubled to $75.6 million from $36.4 million.

In terms of volume, the country exported a total 4.698 million barrels of oil, down by 3.49% from 4.868 million barrels. Crude oil accounted for 706,000 barrels (from 326,000 barrels), while finished products made for 3.992 million barrels (from 4.542 million barrels). — Claire-Ann Marie C. Feliciano