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Russia is China's top oil supplier for 3rd mth in July- customs data

Commodities Aug 20, 2022 12:00AM ET
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© 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/File Photo
 
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By Chen Aizhu

(Reuters) - Russia held its spot as China's top oil supplier for a third month in July, data showed on Saturday, as independent refiners stepped up purchases of discounted supplies while cutting shipments from rival suppliers such as Angola and Brazil.

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 7.15 million tonnes, up 7.6% from a year ago, data from the Chinese General Administration of Customs showed.

Still, Russian supplies in July, equivalent to about 1.68 million barrels per day (bpd), were below May's record of close to 2 million bpd. China is Russia's largest oil buyer.

Imports from second-ranking Saudi Arabia rebounded last month from June, which was the lowest in more than three years, to 6.56 million tonnes, or 1.54 million bpd, but still slightly below year-ago level.

Year-to-date imports from Russia totalled 48.45 million tonnes, up 4.4% on the year, still trailing behind Saudi Arabia, which supplied 49.84 million tonnes, or 1% below the year-ago level.

China's crude oil imports in July fell 9.5% from a year earlier, with daily volumes at the second lowest in four years, as refiners drew down inventories and domestic fuel demand recovered more slowly than expected.

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

Customs reported no imports from Venezuela or Iran last month. 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 past two years for oil originating from Iran and Venezuela, soared 183% on the year, to 3.34 million tonnes, and up from June's 2.65 million tonnes.

Here is the detailed breakdown of oil imports, in metric tonnes:

July y/y pct Jan-July y/r pct

change change

Saudi 6,563,472 -1.60 49,835,011 -1.20

Russia 7,145,611 7.60 48,453,258 4.43

Iraq 3,639,508 -22.10 30,375,600 -1.30

Angola 2,125,769 -27.00 19,314,320 -15.50

Brazil 1,026,900 -58.00 14,025,389 -27.00

United 128,527 -84.00 4,585,464 -49.00

States

Malaysia 3,344,832 183.00 14,420,592 69.70

Iran 0 - 780,392 -

Venezuela 0 - 0 -

Oman 2,764,238 -25.00 23,793,940 -10.70

UAE 3,562,013 86.00 22,992,753 42.00

(1 tonne = 7.3 barrels for crude oil conversion)

Russia is China's top oil supplier for 3rd mth in July- customs data
 

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Comments (5)
Dennis Chuck
Dennis Chuck Aug 21, 2022 7:02AM ET
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China and Russia and alot of countries did the right thing. The world.cannot just let americans call the shot, there must be balance of power and influence.
Michael Roal Casa
Michael Roal Casa Aug 21, 2022 7:02AM ET
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right.. even though the US and the west have their faults, how to you commend 2 rogue bullying nations
Limin Tandiono
Limin Tandiono Aug 21, 2022 7:02AM ET
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The solution is the west must admit their fault and reverse their wrong doing first, then tension that threaten peace will subside.
Limin Tandiono
Limin Tandiono Aug 21, 2022 7:02AM ET
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Rusia act must no.be justified, but root cause must be first addressed before blamimg others for the consequences of the root cause.
Peter Andersen
Peter Andersen Aug 21, 2022 1:24AM ET
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No surprise
Freddyboy Fred
Freddyboy Fred Aug 20, 2022 8:57PM ET
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so much spam here!!!
gab nea
gab nea Aug 20, 2022 8:24AM ET
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no, china is taking advantage of Russia weakness! lmao!
Shirley Cheung
Shirley Cheung Aug 20, 2022 12:57AM ET
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That mesns china govt & the people are supporting in terms of money for Russia military, and thus help killing Ukrainians
Kaan Shram
Kaan Shram Aug 20, 2022 12:57AM ET
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it means that China knowingly get itself into troubles..now no power in the world can help Russia..Russia is doomed to failure..but USA, the establishment in the future will reverse all investment and technologies from China
 
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