Saudi Arabia became second largest oil supplier to China in ‎March… Russia leads

Data issued by the Chinese government showed today, Friday, that Saudi Arabia was the second largest supplier of oil to China in March, after Russia, which ranked first.

According to Reuters, total imports of Saudi crude amounted to 8.90 million tons in March, equivalent to 2.10 million barrels per day, up from 1.61 million barrels per day a year earlier.

This represents an increase from the average for January and February of 1.72 million barrels per day, and raised the total Saudi supplies during the first quarter to 22.82 million tons.

Russia maintained its position as the largest oil supplier to China in March, as buyers seized the opportunity of sanctions imposed on the Urals and Espoo crudes to buy cargoes at deep discounts.

According to data from the General Administration of Customs, total imports from Russia reached 9.61 million tons in March, or 2.26 million barrels per day, the highest level ever. Shipments increased by 50 percent from 1.50 million barrels per day in the same period in 2022 AD.

This comes in comparison to 1.94 million barrels per day during January and February, which raised the total quantities of Russian oil during the first quarter to 25.29 million tons.

The previous record for the volume of monthly shipments from Russia to China was 1.98 million barrels per day in May 2022.

Customs data also showed that imports from Malaysia amounted to 1.07 million barrels per day during that period, up 140.1 percent from the same period last year. Malaysia is often used as an intermediary point for the transfer of sanctioned shipments from Iran and Venezuela.