December 2, 2022

China’s imports of Russian oil hit new record high

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According to China’s General Administration of Customs, Russian oil imports, including supplies pumped through the Eastern Siberian-Pacific Ocean pipeline and shipping from Russian European and Far Eastern ports, totaled about 8.42 million tons. Is.

That’s about 1.98 million barrels per day (bpd) and a quarter more than 1.59 million bpd in April.

Statistics show that Russia has regained the top ranking of suppliers to the world’s largest crude oil importer after a gap of 19 months. Moscow is able to find buyers for its oil. Despite Western sanctions, though, it has had to cut prices.

And while China’s overall demand for crude oil has declined due to the curb of the Cove 19 and the slowdown in the economy, leading importers, including refining giant Sinopec and trader Xinhua Oil, have slashed prices above approved supplies from Iran and Venezuela. Russia has started buying oil which allows. That is to reduce the competitive supply from West Africa and Brazil.

Saudi Arabia lags behind as the second largest supplier, with volumes of 7.82 million tonnes in May, or 1.84 million bpd, up 9% year on year. That was down from 2.17 million bpd in April.

Customs data released on Monday also showed that China imported 260,000 tons of Iranian crude last month, the third shipment of Iranian oil since last December, confirming an earlier Reuters report. Is.

Despite US sanctions on Iran China is taking Iranian oil., Usually passing through other countries as supply. The import level is about 7% of China’s total crude oil imports.

China’s total crude oil imports rose about 12 percent in May to 10.8 million bpd from a year earlier, averaging 10.3 million bpd in 2021.

China needs Russian coal.  Moscow needs new customers.

Customs reported zero imports from Venezuela. State oil firms have stopped buying since the end of 2019, fearing the fall of secondary US sanctions.

Imports from Malaysia, often used as a transfer point for oil from Iran and Venezuela over the past two years, amounted to 2.2 million tonnes, which is stronger than in April but higher than the previous year’s level. More than double.

Imports from Brazil fell 19 percent to 2.2 million tonnes from a year earlier, as supplies from Latin American exporters faced cheaper competition from Iranian and Russian barrels.

Separately, the data also showed that China’s imports of Russian liquefied natural gas (LNG) last month were about 400,000 tons, up 56 percent from May 2021.

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

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