July 26, 2020 / 11:02 PM / 10 days ago

RPT-China imports more oil from Saudi than any other country in June

 (Repeats for Asia morning readership. No change to text.)
    BEIJING, July 26 (Reuters) - China's crude oil imports from
Saudi Arabia rose 15% in June from a year ago, as refiners
ordered record volumes of the fuel in March and April when oil
prices tumbled, cementing the kingdom's position as the top oil
supplier to China.
    Imports from Saudi Arabia rose to 8.88 million tonnes in
June, or 2.16 million bpd, in June, according to data from the
General Administration of Customs on Sunday.
    That was in line with May's volumes, but well above 1.89
million bpd during the same period last year.
    The record imports follow a price war between Saudi Arabia
and Russia, the world's top oil exporters, during March and
April when the coronavirus pandemic dampened demand and caused a
global fuel glut.
    Shipments from Russia were at 7.98 million tonnes last
month, or 1.95 million barrels per day (bpd), up around 7% from
1.82 million bpd in May and 1.73 million bpd in June 2019. 
    Saudi, however, delivered bigger oil cuts from June and
raised crude prices as a plunge in oil prices weighed on the
kingdom's budget.
    China, the world's biggest crude oil importer, took in a
record 53.18 million tonnes last month, according to customs
data.
    China also boosted inflows from Brazil, Norway and Angola,
said Emma Li, analyst from Refinitiv.
    Brazil, whose massive offshore projects are coming online,
offered Asian refiners competitive deals on relatively
high-quality oil just as China and other Asian countries
contained the coronavirus and reopened their economies.
 
    Analysts expect China to see another record amount of crude
imports in July as some May-loading cargoes are still underway
while swelling oil inventory at major Chinese ports slows new
arrivals.
    Below are details of imports from key suppliers.
                
 Country       June(tonn  y/y % change   Jan-June   y/y % change
                  es)                    (tonnes)   
 Russia          7978454          11.5    43962098          16.6
 Saudi Arabia    8884227          15.1    45163956          19.6
 Iraq            6010996          69.6    33189711          45.9
 Oman            2980547          43.5    18312800          16.5
 Angola          4441743           0.4    21074856         -16.7
 Brazil          4976740          92.9    20454438           1.2
 Malaysia         572444         -43.9     7779899          81.2
 U.S.             587118          23.7     1136957         -46.3
 Venezuela           N/A           N/A         N/A           N/A
 Iran                N/A           N/A     1699654         -84.6
    
    
    
    

 (Reporting by Muyu Xu and Pei Li; Editing by Sam Holmes)
  
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