China Oil Imports from Saudi Arabia Rebound

Business

August 21st, 5:05am

London - Asharq Al-Awsat

Oil and gas tanks are seen at an oil warehouse at a port in Zhuhai, China. Reuters file photo

China’s oil imports from Saudi Arabia rebounded last month from June, to 6.56 million tons, or 1.54 million bpd, but still slightly below year-ago level, data showed Saturday. Russia held its spot as China's top oil supplier for a third month in July, data showed, 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, totaled 7.15 million tons, 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. Year-to-date imports from Russia totaled 48.45 million tons, up 4.4% on the year, still trailing behind Saudi Arabia, which supplied 49.84 million tons, or 1% below the year-ago level. 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 US sanctions.

from Asharq AL-awsat https://english.aawsat.com/home/article/3828176/china-oil-imports-saudi-arabia-rebound