China’s oil imports from Saudi Arabia fell 30% Y/Y in June

Data showed on Wednesday that China imported 5.06 million tons of crude oil from Saudi Arabia, or 1.23 million barrels per day, down from 1.84 million barrels per day in May, 30% less than the level of June last year.

According to “Reuters”, Russia maintained its position as China’s largest oil supplier for the second month in June, as Chinese buyers benefited from low-priced supplies, which reduced the more expensive Saudi shipments.

According to data from the Chinese General Administration of Customs, Russia’s total oil imports, including supplies pumped through the East Siberian and Pacific pipelines and sea-borne shipments from Russia’s ports in Europe and the Far East, amounted to 7.29 million tons, an increase of about 10 percent from last year.

However, Russian supplies in June, which amounted to the equivalent of about 1.77 million barrels per day, were below the record level recorded in May of nearly two million barrels per day.

The total Chinese imports from Russia since the beginning of the year so far amounted to 41.3 million tons, up four percent year on year, but it still lags behind Saudi Arabia, which supplied Beijing with a volume of 43.3 million tons.

Moreover, China imported 41.3 million tons from Russia, up 4% year on year, but it still lags behind Saudi Arabia, which supplied Beijing with a volume of 43.3 million tons.

Customs data showed that China imported 260,000 tons of Iranian crude oil last month, in the fourth shipment of the Islamic Republic’s oil since last December, confirming an earlier report by Reuters.

Imports from Malaysia, which is often used as a transfer point in the past two years for oil from Iran and Venezuela, rose 126 percent year on year to 2.65 million tons.