China’s Might oil imports from Russia soar 55% to a file, surpass Saudi provide By Reuters



© Reuters. FILE PHOTO: Oil and gasoline tanks are seen at an oil warehouse at a port in Zhuhai, China October 22, 2018. REUTERS/Aly Music

By Chen Aizhu

SINGAPORE (Reuters) -China’s imports from Russia soared 55% from a yr earlier to a file degree in Might, displacing Saudi Arabia as the highest provider, as refiners cashed in on discounted provides amid sanctions on Moscow over its invasion of Ukraine.

Imports of Russian oil, together with provides pumped through the East Siberia Pacific Ocean pipeline and seaborne shipments from Russia’s European and Far Jap ports, totalled almost 8.42 million tonnes, in line with information from the Chinese language Common Administration of Customs.

That is equal to roughly 1.98 million barrels per day (bpd) and up 1 / 4 from 1.59 million bpd in April. China is the world’s greatest crude oil importer.

Chinese language companies, together with state refining big Sinopec (NYSE:) and state-run Zhenhua Oil, have ramped up purchases of Russian oil, enticed by steep reductions after western oil majors and buying and selling homes pulled again attributable to sanctions. [nL3N2X50VT}

Saudi Arabia trailed as the second-largest supplier, with May volumes up 9% on year at 7.82 million tonnes, or 1.84 million bpd. This was down from April’s 2.17 million bpd.

Russia took back the top ranking after a gap of 19 months.

Customs data released on Monday also showed China imported 260,000 tonnes of Iranian crude oil last month, its third shipment of Iran oil since last December, confirming an earlier Reuters report.

Despite U.S. sanctions on Iran, China has kept taking Iranian oil, usually passed off as supplies from other countries. The import levels are roughly equivalent to 7% of China’s total crude oil imports.

China’s overall crude oil imports rose nearly 12% in May from a low base a year earlier to 10.8 million bpd, versus the 2021 average of 10.3 million bpd.

Customs reported zero imports from Venezuela. State oil firms have shunned purchases since late 2019 for fear of falling foul of secondary U.S. sanctions.

Imports from Malaysia, often used as a transfer point in the last two years for oil originating from Iran and Venezuela, amounted to 2.2 million tonnes, steady versus April but more than double the year-earlier level.

Imports from Brazil fell 19% from a year earlier to 2.2 million tonnes, as supplies from the Latin American exporter faced cheaper competition from Iranian and Russian barrels.

Below is the detailed breakdown of oil imports, with volumes in million tonnes:

month y/y pct ytd y/r pct

change change

Saudi 7.82 8.7 38.22 4.5

Russia 8.42 55 34.02 2.5

5

Iraq 4.687 4.5 23.54 4.1

Angola 3.148 -3.6 14.84 8.7

Brazil 2.209 -19 10.99 -5.9

6

United 0.516 -52 3.784 -44

States

Malaysia 2.2 112 8.42 36

Iran 0.26 — 0.52 —

Venezuela 0 — 0 —

Oman 3.977 -4 18.96 -0.8

UAE 4.09 68.7 16.31 30

(tonne = 7.3 barrels for crude oil conversion)



Source link

Leave a Reply

Your email address will not be published.