Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

China May oil imports from Russia soar to a record, surpass top supplier Saudi

Commodities Jun 20, 2022 09:25AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Oil and gas tanks are seen at an oil warehouse at a port in Zhuhai, China October 22, 2018. REUTERS/Aly Song

By Chen Aizhu

SINGAPORE (Reuters) - China's crude oil imports from Russia soared 55% from a year earlier to a record level in May, displacing Saudi Arabia as the top supplier, as refiners cashed in on discounted supplies amid sanctions on Moscow over its invasion of Ukraine.

Imports of Russian oil, including supplies pumped via the East Siberia Pacific Ocean pipeline and seaborne shipments from Russia's European and Far Eastern ports, totalled nearly 8.42 million tonnes, according to data from the Chinese General Administration of Customs.

That's equivalent to roughly 1.98 million barrels per day (bpd) and up a quarter from 1.59 million bpd in April.

The data, which shows that Russia took back the top ranking of suppliers to the world's biggest crude oil importer after a gap of 19 months, indicates that Moscow is able to find buyers for its oil despite western sanctions, though it has had to slash prices.

And while China's overall crude oil demand has been dampened by COVID-19 curbs and a slowing economy, leading importers, including refining giant Sinopec (NYSE:SHI) and trader Zhenhua Oil, have stepped up buying cheaper Russian oil on top of sanctioned supplies from Iran and Venezuela that allows them to scale back competing supplies from West Africa and Brazil.

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.

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.

Separately, data also showed China's imports of Russian liquefied natural gas (LNG) amounted to nearly 400,000 tonnes last month, 56% more than May of 2021.

For the first five months, imports of Russian LNG - from mostly Sakhalin-2 project in the Far East and Yamal LNG in Russian Arctic - rose 22% on the year to 1.84 million tonnes, according to customs data.

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)

China May oil imports from Russia soar to a record, surpass top supplier Saudi
 

Related Articles

Oil rises on renewed gasoline demand, weak dollar
Oil rises on renewed gasoline demand, weak dollar By Reuters - Aug 10, 2022 8

By David Gaffen NEW YORK (Reuters) -Oil prices rose on Wednesday, rebounding from losses early in the session, helped by encouraging figures on U.S. gasoline demand and as...

Gold Hits 5-Week High on Softening U.S. Inflation 
Gold Hits 5-Week High on Softening U.S. Inflation  By Investing.com - Aug 10, 2022

By Barani Krishnan Investing.com -- U.S. inflation is retreating as many expected it to. The question is where will gold go from here. Gold prices flew to five-week highs on...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (8)
Jay Garrelts
Jay Garrelts Jun 20, 2022 3:28PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
China and Russia are setting themselves up to come get you China already owns a great number of American businesses and land
Dixon Bainbridge
Dixon Bainbridge Jun 20, 2022 11:23AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Unfortunately for China they couldn't fight their way out of a paper bag. With no military experience, their first war in recent times will surely showcase their inexperience and growing feminism of Chinese men
deez nutzz
deez nutzz Jun 20, 2022 11:23AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
lol USA has trannys in the military that US taxpayer money pays for them to transition. we also have crashed numerous airplanes and helicopters lately.. we gave away billions in weapons to Ukraine and left billions more in Afghanistan GTFO here thumping your chest like we are gonna cake walk. war is bad period. China and Russia have hypersonic weapons that they have always successfully tested while the US has a hard time walking and chewing gum lately. our president is 100 years old and falls on bikes and down staircases and 💩 in a diaper...maybe the emperor has no clothes?
William Smith
William Smith Jun 20, 2022 10:33AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
As the sanctions destroy Europe and America's middle class China ams likely Russia will sail through this coming out stronger and more in control of world currencies.
Tre Hsi
Tre Hsi Jun 20, 2022 10:33AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
"As the sanctions destroy Europe and America's middle class...."  -- the american middle class has been shrinking since the 70's, let's not pretend it was growing before Putin's "special operation"
William Smith
William Smith Jun 20, 2022 10:33AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Tre, learn to comprehend a sentence please before making a fool of yourself. Where did I say the middle class was growing (although it was for the 1st time in decades under Trump, but that was not my point)?
Notvery Goodathis
Peteymcletey Jun 20, 2022 10:05AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Putin price hike - more like Build Back China. They can afford their economic collapse because the rest of the world got them cheap oil.
Tre Hsi
Tre Hsi Jun 20, 2022 10:05AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
"rest of the world got them cheap oil."  -- is it cheap though?  first of all China still import most of it's oil from non Russian sources, so those are not cheap, secondly even with Russia's discount the oil they are buying from Russia now is not cheaper than what they paid back in 2020...
Sien Huat Hii
Sien Huat Hii Jun 20, 2022 9:39AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
if you have to hurt others in order to feel powerful, then you are extremely weak..
jason xx
jason xx Jun 20, 2022 6:12AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Kinda defeats the purpose of sanctions. Get ready to fight for our way of life.
Francis Lim Wei
Francis Lim Wei Jun 20, 2022 5:57AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
brilliant move
Tre Hsi
Tre Hsi Jun 20, 2022 5:57AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
is it though?  China is still importing most of the oil from non Russian sources and those prices have nearly doubled, so thanks to Putin's "special military operation" China is losing billions each month.....
secure us
secure us Jun 20, 2022 2:28AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Time to super-sanction china!!!
choi borsa
choi borsa Jun 20, 2022 2:28AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
haha keep dreaming u cant sanction the boss of this world.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email