BEIJING: Saudi Arabia regained the spot as China’s top crude supplier within the first two months of 2022, having been leapfrogged by Russia in December, whereas Russian shipments dropped 9% as a minimize in import quotas led impartial refiners to cut back purchases.
Arrivals of Saudi crude totalled 14.61 million tonnes in January-February, equal to 1.81 million barrels per day (bpd), down from 1.86 million bpd a 12 months earlier, information from the General Administration of Customs confirmed on Sunday.
Imports from Russia totalled 12.67 million tonnes within the two months, or 1.57 million bpd. That compares to 1.72 million bpd within the corresponding 2021 interval.
Demand for Russia’s flagship ESPO crude from Chinese impartial refineries, recognized as teapots, was hit by Beijing’s crackdown on tax evasion and unlawful buying and selling of import quotas.
The authorities additionally minimize its first batch of 2022 crude import allowances to teapots, aiming to get rid of inefficient refining capability.
Imports from Russia might tumble in March as patrons worldwide shun its cargoes within the wake of the intensifying Ukraine disaster. But Reuters reported that Russian producer Surgutneftegaz was working with China to bypass Western sanctions and sustain oil gross sales. Read full story
Sunday’s customs information confirmed that 259,937 tonnes of Iranian crude oil arrived in China in January, across the similar degree as in December 2021, the primary imports recorded by official Chinese information since December 2020.
The shipments got here as Tehran and Western nations maintain talks on reviving a 2015 nuclear deal, pointing to a doable lifting of U.S. sanctions on Iranian oil exports. Read full story
No Iranian cargo had been recorded by Chinese customs in February.
China’s official information additionally confirmed no imports from Venezuela, which is below U.S. sanctions as effectively, in January and February.
Here is the detailed breakdown of commerce, with volumes in metric tonnes:
|
Country |
Jan-Feb |
y/y pct |
|
Saudi Arabia |
14,607,870 |
-3 |
|
Russia |
12,667,252 |
-9.1 |
|
Iraq |
10,019,027 |
-0.4 |
|
Oman |
8,939,072 |
14.4 |
|
Kuwait |
6,323,727 |
50.2 |
|
Angola |
6,087,055 |
-9.7 |
|
United Arab Emirates |
5,906,030 |
12.7 |
|
Brazil |
4,295,928 |
-12 |
|
Malaysia |
2,162,063 |
-12.4 |
|
United States |
1,866,176 |
-45 |
|
Iran |
259,937 |
N/A |
|
Venezuela |
N/A |
N/A – Reuters |
