China's Crude Oil Imports from Saudi Up 8.8% in March

A compressing station run by Sinopec is seen at Fuling shale gas field in Chongqing, China December 13, 2017. REUTERS/Chen Aizhu/File Photo
A compressing station run by Sinopec is seen at Fuling shale gas field in Chongqing, China December 13, 2017. REUTERS/Chen Aizhu/File Photo
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China's Crude Oil Imports from Saudi Up 8.8% in March

A compressing station run by Sinopec is seen at Fuling shale gas field in Chongqing, China December 13, 2017. REUTERS/Chen Aizhu/File Photo
A compressing station run by Sinopec is seen at Fuling shale gas field in Chongqing, China December 13, 2017. REUTERS/Chen Aizhu/File Photo

China's crude oil imports from top supplier Saudi Arabia rose 8.8% in March from a year earlier, driven by strong demand and as shipments delayed due to a port congestion finally arrived.

Imports from the United Arab Emirates also rose again, up 86%.

Shipments from Saudi Arabia were 7.84 million tons, equivalent to 1.85 million barrels per day (bpd), data issued by China's General Administration of Customs showed on Tuesday, versus 1.7 million bpd a year earlier. The imports, however, slowed from 1.94 million bpd in February.

Saudi Arabia retained its position as China's biggest crude oil supplier for a seventh consecutive month.

Ports at China's oil refining hub Shandong experienced congestion for a few weeks in February, slowing oil arrivals.

Analysts from Refinitiv expect arrivals from Saudi Arabia to further drop in April given a voluntary supply cut of 1 million bpd by the producer and increasing prices of Arab light crude for the Asian market.

The customs data also showed that crude oil supplies from Kuwait increased to 0.6 million bpd, up 29% from a year earlier.

China's imports from the UAE were at 0.71 million bpd last month, up 86% on year. Shipments from Oman rose 60% from a year ago to 0.86 million bpd.

Meanwhile, China's Sinopec has won a deal to develop Iraq's Mansuriya gas field near the Iranian border, the oil ministry said on Tuesday.

Last year Iraq cancelled a contract signed with a group led by the Turkish Petroleum Corp (TPAO) to develop the Mansuriya field and decided to invite international energy companies to compete to develop it.

Iraq’s state-run Midland Oil Company will partner Sinopec in development of the Mansuriya field, the statement said.

Under the 25-year contract, Sinopec will hold a 49 percent stake and Midland Oil Company will hold 51 percent, the statement added.

Sinopec will help Iraq to capture and process natural gas from the field and boost output to 300 million cubic feet of gas per day (mcf/d) as a targeted production level, the statement quoted Oil Minister Ihsan Abdul Jabbar as saying.

No timeline was provided.

Iraq is planning to sign contracts with foreign energy companies to develop its gas fields and build gas facilities in southern Iraq and Anbar province, the ministry cited Jabbar as saying.

Gas captured from the field will be used to feed power stations in Baghdad and Diyala province near the border with Iran.



Türkiye's Recent Political Events Hit Economy, Reserves, Says EBRD 

Owners of a "bufe", a Turkish word to call small corner restaurants with a couple of stools outside or inside, wait for customers at Uskudar neighborhood in Istanbul, Türkiye, April 23, 2025. (Reuters)
Owners of a "bufe", a Turkish word to call small corner restaurants with a couple of stools outside or inside, wait for customers at Uskudar neighborhood in Istanbul, Türkiye, April 23, 2025. (Reuters)
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Türkiye's Recent Political Events Hit Economy, Reserves, Says EBRD 

Owners of a "bufe", a Turkish word to call small corner restaurants with a couple of stools outside or inside, wait for customers at Uskudar neighborhood in Istanbul, Türkiye, April 23, 2025. (Reuters)
Owners of a "bufe", a Turkish word to call small corner restaurants with a couple of stools outside or inside, wait for customers at Uskudar neighborhood in Istanbul, Türkiye, April 23, 2025. (Reuters)

Recent political events in Türkiye stymied the country's path to slowing inflation and the fallout affected the economy as well as foreign exchange reserves, the European Bank for Reconstruction and Development's chief economist said.

The detention of Istanbul mayor and main opposition leader Ekrem Imamoglu on March 19 sent the lira sharply lower and triggered market turmoil that pushed the central bank into a surprise interest rate hike in April, short circuiting an easing cycle that began at the start of the year.

Türkiye had been on a "slow but steady" path towards reducing inflation before the event, EBRD Chief Economist Beata Javorcik told Reuters.

"This path allowed it to cut interest rates, but that process was stopped by the recent political events, which brought turbulence and forced the central bank to reverse the direction," Javorcik said, adding raising interest rates put the brakes on the economy.

"This is costly in terms of economic performance, in terms of reserves ... and in terms of the reputational implications, undermining confidence of investors."

Türkiye has struggled with very high inflation in recent years, which peaked at 75% last May.

The bank downgraded its forecast for Türkiye’s economic growth this year by 0.5 percentage points to 2.8%, due to lower domestic and external demand and tighter-than-expected monetary policy.

Türkiye’s bonds and stock market had become a big draw for global money managers in the months leading up to Imamoglu's detention.

The appointment of Finance Minister Mehmet Simsek in 2023, widely seen as the architect of the government's return to a more orthodox economic policy, helped lure investors.

The EBRD said Türkiye’s central bank sold more than $40 billion in foreign exchange in the weeks following Imamoglu's arrest, pulling net reserves, excluding swaps, from more than $60 billion to less than $20 billion.

The latest reserve numbers, published on Monday, showed that Türkiye’s gross reserves had risen by $6 billion - the first such gain in nearly two months.