Saudi Arabia Remains Top Oil Supplier to China
Saudi Arabia remained the largest supplier of crude oil to China for the ninth consecutive month in July, but its shipments of crude fell 10% on a monthly basis, while shipments from Russia fell only 4%.
According to data from the General Administration of Customs in China, total Saudi shipments amounted to 6.69 million tons in July, or 1.58 million barrels per day, compared to 1.75 million barrels per day in June.
Imports from Russia amounted to 6.64 million tons last month, or about 1.56 million barrels per day, compared to 1.62 million barrels per day in June.
China’s total imports of crude oil last month plunged nearly 20% from a year ago, as independent refiners faced smaller import allocations amid government restrictions on the circulation of permits.
Imports from Malaysia tripled compared to last year, jumping to 1.18 million tons, up from 1.17 million tons in June.
Oil shipments from Iran and Venezuela were recorded as coming from Malaysia after the shipments were transferred to Malaysian waters to avoid US sanctions, according to dealers and Vortex Analytics, which specializes in tracking tankers.
In the markets, oil prices fell on Friday for the seventh consecutive session, to almost reach their lowest levels in three months, and are heading towards a weekly decline of more than 7%, as new restrictions in countries facing increasing cases of the Delta strain of the coronavirus have weakened the forecast for fuel demand.