China’s Third Month of July Sees Russia as the Top Oil Supplier: Customs Data

Russia held China’s third-month top spot for oil supplies, according to data on Saturday. Independent refiners increased their purchases and cut shipments from competitors like Angola, Brazil, and Angola.

Imports from Russia of oil include supplies via the East Siberia Pacific Ocean Pipeline and seaborne shipments to Russia’s Far Eastern and European ports. 15 million tonnes, up 7.6 percent from a year ago, data from the Chinese General Administration of Customs showed.

Still, Russian supplies for July were equivalent to approximately 1. 68 Million barrels per daily (bpd) were lower than May’s record close to 2,000,000 bpd. China is Russia’s biggest oil buyer.

Imports to second-ranking Saudi Arabia increased last month, from 6. 56 million tonnes, or 1. 54 million bpd, but still slightly below year-ago level.

Year-to-date imports from Russia totaled 48. 45 million tonnes, up 4.4 percent on the year, still trailing behind Saudi Arabia, which supplied 49. 84 millions tonnes, 1 percent less than the previous year.

China saw its crude oil imports fall 9.5 percent in July compared to a year ago. Daily volumes were at their lowest level in 4 years as refiners reduced inventories, and domestic demand for fuel recovered slower than anticipated.

The strong Russian purchases squeezed out competing supplies from Angola and Brazil, which fell 27 percent year-on-year and 58 percent, respectively.

Customs did not report any imports from Iran or Venezuela last month. Since late 2019, state oil companies have avoided purchasing from Iran or Venezuela out of fear that they might be subject to secondary U.S. sanctions. sanctions.

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Imports to Malaysia from oil from Venezuela and Iran rose 183% on the year. They rose from 2. 34 million tonnes, and up from June’s 2. 65 millions tonnes.

(1 ton=7.3 barrels of crude oil conversion )

By Chen Aizhu

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