Russia remained China’s top oil supplier for third straight month in July
COMMODITIES DATA
Russia remained China’s top oil supplier for third straight month in July
COMMODITIES DATA

Russia remained China’s top oil supplier for third straight month in July

 

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Russia held its spot as China’s top oil supplier for a third straight month in July as independent refiners stepped up purchases of discounted supplies.

Imports of Russian oil, including supplies pumped via the East Siberia Pacific Ocean pipeline and seaborne shipments from Russia’s European and Far Eastern ports, totalled 7.15 million tonnes, up 7.6% from a year ago, according to data released by the Chinese General Administration of Customs on Saturday. The shipments were equivalent to about 1.68 million barrels per day, below May’s record of close to 2 million bpd. China is Russia’s largest oil buyer.

Imports Saudi Arabia reached 6.56 million tonnes in July, or 1.54 million bpd, rebounding from a three-year low in June, but still slightly below year-ago level.

Imports from Russia in the first seven months of the year reached 48.45 million tonnes, up 4.4% from a year earlier, still trailing behind Saudi Arabia, which supplied 49.84 million tonnes, down 1% from a year ago.

The strong Russian purchases squeezed out imports from Angola and Brazil, which fell 27% and 58%, respectively, from a year earlier, showed the customs data.