China's June crude imports from Saudi Arabia, Russia, Brazil hit fresh highs

China’s crude imports from main suppliers Saudi Arabia, Russia and Brazil all hit fresh highs in June, boosting the country’s total crude imports to a record high — and almost touching 13 million b/d in a month for the first time, General Administration of Customs data released July 26 showed.

 

Main supplier Saudi Arabia delivered 2.17 million b/d of crude to China in June, edging up 0.2% from the previous record high in May on barrel-per-day basis, while imports from Russia reached 1.95 million b/d, inching closer to the 2 million b/d mark and surpassing the previous high in May of 1.82 million b/d.

 

Fourth-largest supplier Brazil delivered 1.22 million b/d in the month, up 20.9% from the previous record high of 1.01 million b/d last November, the GAC data showed.

 

China’s crude imports from US hit an eight-month high of 143,452 b/d in June, despite being down 23.7% year on year.

 

There were no Iranian crude imports in June for the first time since January 2007, when S&P Global Platts began tracking GAC data.

 

China’s total crude oil imports surged 34.4% year on year to record high of 12.99 million b/d, or 53.18 million mt, in June as the Chinese buyers who had rushed into the market to secure cheap crudes in late March received their deliveries in the month.

 

Over January-June, crude imports from OPEC+ suppliers rose 7.5% year on year to 8.71 million b/d as members competed to secure outlets in China during the COVID-19 pandemic, the data showed. However, the group’s market share in China fell to 80.5% in the first half of the year from 82.3% a year earlier.

 

OPEC’s market share fell to 52.1% in H1 from 56.6% a year earlier due to the supply shortfall from Iran and Venezuela.

 

The GAC data recorded no crude arrivals from Venezuela over January-June, compared with 350,711 b/d in H1 2019, while imports from Iran slumped 84.7% on year to 68,453 b/d in H1.

 

The customs release data in metric tons, which S&P Global Platts converts to barrels using a 7.33 conversion factor.

 

Source:Platts

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