Russia is China’s top oil supplier in the second month, Saudi Arabia’s volume falls: data

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Singapore — Russia maintained its position as China’s top oil supplier for two months in June. This is because Chinese buyers have cashed out low-priced supplies and reduced more expensive shipments from Saudi Arabia.

According to data from the General Administration of Customs of China, Russia’s oil imports, including supply pumped through the Eastern Siberia-Pacific pipeline and sea transport from Russia’s European and Far East ports, totaled 7.29 million tons a year ago. Increased by almost 10% from. ..

Still, Russia’s supply in June was about 1.77 million barrels (bpd) per day, below the May record of 2 million barrels / day that analysts expected to maintain.

China imported 5.06 million tonnes, or 1.23 million barrels, from Saudi Arabia, down from 1.84 million barrels in May, 30 percent below last June’s level.

Year-to-date imports from Russia totaled 41.3 million tonnes (1.67 million barrels / day), up 4% year-on-year, while Saudi Arabia supplied 43.3 million tonnes (1.75 million barrels / day), 1 year-on-year. % Decreased. level.

China’s total crude oil imports fell to nearly four years in June as fuel demand declined due to a strict blockade to curb the spread of the coronavirus. Increased imports from Russia have also replaced supplies from Angola and Brazil.

China imported 260,000 tonnes of Iranian crude last month, the fourth shipment since December last year, supporting Reuters’ previous report, according to customs data.

Despite US sanctions on Iran, China continues to take Iran’s oil, usually delivered as a supply from other countries. These supplies account for about 7% of China’s total crude oil imports and face competition with growing Russian flows.

Customs reported zero imports from Venezuela. State-owned oil companies have been avoiding purchases since late 2019 for fear of fouling US secondary sanctions.

Imports from Malaysia, a frequent oil transfer point from Iran and Venezuela over the past two years, increased 126% year-on-year to 2.65 million tonnes.

Apart from this, data show that China’s imports of Russia’s liquefied natural gas (LNG) total 520,530 tonnes, at least the second highest monthly volume since the beginning of 2021.

According to data, Russia’s LNG imports in the first half of 2022 were mainly from the Sakhalin 2 project in the Far East and Yamal LNG in the Russian Arctic, up about 30% year-on-year to 2.36 million tonnes.

This is in contrast to the 21% year-on-year decrease in total domestic LNG imports during the same period.

Below is a detailed breakdown of oil imports, in quantities in metric tons.

June y / ypct January-June y / rpct change

Change

Saudi Arabia 5,057,902-29.743,269,290 -1.1

Russia 7,285,8809.541,309,700 3.9

Iraq 3,203,002-9.926,739,634 2.2

Angola 2,352,633-3617,191,422 -13.8

Brazil 2,004,225-14.612,998,303 -22.5

United 672,655-52.74,456,987 -45.7

state

Malaysia 2,654,31012611,079,251 50.5

Iran 260,349 – 780,392 –

Venezuela – – – –

Oman 2,073,190-4621,032,464 -8.3

United Arab Emirates 3,124,7808019,430,481 36

(Ton = 7.3 barrels in terms of crude oil)

By Chen Aizhu

Reuters

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