Russia has become the main oil supplier to China – Reuters
Russia remains China's top oil supplier for a third month as independent refiners ramp up purchases of discounted crude while cutting supplies from rival suppliers.
Reuters reports this.
Imports of Russian oil, including supplies via the Eastern Siberia-Pacific Ocean pipeline and sea shipments from European and Far Eastern ports of Russia, into the country amounted to 7,15 million tons, which is 7,6% more than a year ago.
At the same time, Reuters clarifies, Russian supplies in July, equivalent to approximately 1,68 million barrels per day, were below the May record of about 2 million barrels per day.
Year-to-date imports from Russia amounted to 48,45 million tons, up 4,4% from last year, still lagging behind Saudi Arabia, which supplied 49,84 million tons of oil, or 1% below last year's level. of the year.
China's crude oil imports fell 9,5% in July from a year earlier. The daily volumes were the second highest in four years, as refineries cut inventories and domestic fuel demand recovered more slowly than expected.
Strong Russian purchases have crowded out competing supplies from Angola and Brazil, which fell year-on-year by 27% and 58%, respectively.
Imports from Malaysia, which has frequently been used as a transhipment point for oil from Iran and Venezuela in the past two years, rose 183% year-on-year to 3,34 million tonnes, up from 2,65 million tonnes in June.
Let us recall that in May Russia for the first time became the largest supplier of oil to China. Thus, China continued to buy Russian energy, including a record amount of crude oil, increasing purchases to $7,47 billion, which is about $1 billion more than in April and twice as much as a year ago.
Russia has become China's top oil supplier – Reuters