China printed detailed information on crude Oil imports in June on Monday. Of the entire 49.9 million tons, Russia accounted for 8.35 million tons and Saudi Arabia for 7.9 million tons, Commerzbank’s commodity analyst Carsten Fritsch notes.
Russia remained China’s most essential Oil provider
“Whereas deliveries from Russia had been marginally beneath the earlier month’s stage, imports from Saudi Arabia elevated by 45%. The sharp rise in Chinese language Oil imports from Malaysia was additionally hanging. These rose by 40% to 7.1 million tons. This corresponds to a every day quantity of 1.73 million barrels, which places Malaysia in third place amongst China’s most essential Oil suppliers. Primarily based on OPEC information, Malaysia’s Oil manufacturing is barely round 350,000 barrels per day.”
“The considerably increased exports are most likely as a consequence of Malaysia’s position as a transshipment level for sanctioned Oil from Iran and Venezuela. Formally, China didn’t import any Oil from Iran or Venezuela in June. The identical applies to Oil imports from the US, albeit for various causes. Tariffs have made Oil imports from the US too costly for Chinese language refineries.”
“Within the first half of the yr as a complete, China’s Oil imports from Russia had been 11% beneath the earlier yr’s stage. Nonetheless, Russia remained China’s most essential Oil provider. Saudi Arabia ranked second, intently adopted by Malaysia. Whereas Oil imports from Saudi Arabia fell by 3.5% in contrast with the identical interval final yr, imports from Malaysia rose by greater than 30%. This demonstrates Iran’s rising significance as an Oil provider to China, regardless of the tightening of US sanctions because the starting of the yr.”
