Imports chinese of crude oil from Russia They rose 17% in November from a year earlier as refiners secured more cargoes ahead of a price cap imposed by the Group of Seven on December 5.
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The increase made Russia China’s top oil supplier, ahead of Saudi Arabia.
Russian crude arrivals, including oil pumped through the East Siberian pipeline into the Pacific Ocean and ocean shipments from Russian ports in Europe and the Far East, totaled 7.81 million tonnes last month, according to data from the General Administration of Customs published on Tuesday.
The total equates to 1.9 million barrels per day (bpd), compared with 1.82 million bpd in October and 1.63 million tonnes in the same period last year.
Since December 5, the European Union has banned imports of Russian crude and the G7 countries have introduced a cap of $60 a barrel on Russian oil in an attempt to limit Moscow’s ability to finance the war in Ukraine.
However, steep discounts on Russian crude continued to attract Chinese buyers in November, especially independent refiners in Shandong, although some state-owned refiners began reducing their purchases amid concerns about Western sanctions on Moscow.
Chinese imports from Saudi Arabia totaled 6.62 million tonnes in November, or 1.61 million bpd. The figure represents a decrease of 11% compared to the previous year.
Analysts had expected Saudi Arabia’s market share in China to hold firm or even increase in the future, after Chinese President Xi Jinping vowed to cut more energy deals with the world’s top oil exporter.
Customs data on Tuesday also showed Malaysia’s crude imports nearly tripled in November from 2021. The Southeast Asian country is a transfer point for sanctioned shipments from Iran and Venezuela.
Tanker-tracking specialist Vortexa Analytics estimated that Chinese imports of Iranian oil could have hit a monthly record of nearly 4.7 million tonnes in November.
But the customs data showed no imports from Venezuela or Iran.
Source: Reuters
Source: Gestion
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