China’s Saudi Oil Imports Up 16% in June

Chinese customs data showed on Sunday that imports from Saudi Arabia, China’s second-largest supplier, rose 16% year-on-year in June to 7.9 million tons, or 1.92 million barrels per day (bpd).

According to Reuters, the country’s crude oil imports from Russia fell 1% in June from a year earlier, to 8.35 million tons, or 2.03 million bpd.

The sharp cut in Saudi Arabia’s official selling price (OSP) from April led to an increase in imports from the kingdom.

Imports from Malaysia, the largest transshipment hub for sanctioned Iranian oil, reached 7.09 million tons in June, or 1.72 million bpd, up 40% from May and 20% year-on-year.

Customs did not record any imports from Iran or Venezuela during the month.

China’s total crude oil imports reached 49.89 million tons in June, or 12.14 million barrels per day (bpd), up from May and 7.4% year-on-year, as state-owned refiners ramped up operations and reported better profits.