Russia remained China’s top oil supplier in June, shipments rose 10% on year
COMMODITIES DATA
Russia remained China’s top oil supplier in June, shipments rose 10% on year
COMMODITIES DATA

Russia remained China’s top oil supplier in June, shipments rose 10% on year

 

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Russia remained China’s top oil supplier for a second straight month in June as Chinese buyers cashed in on lower-priced supplies, slashing more costly shipments from Saudi Arabia.

China’s oil imports from Russian totalled 7.29 million tonnes last month, up nearly 10% from a year ago, according to data from China’s General Administration of Customs.

However, Russian supplies, equivalent to about 1.77 million barrels per day (bpd), were below May’s record of close to 2 million bpd.

China imported 5.06 million tonnes from Saudi Arabia in June, or 1.23 million bpd, down from 1.84 million bpd in May and 30% below the level a year ago.

In the first half of the year, Russia’s oil shipments to China totalled 41.3 million tonnes (1.67 million bpd), up 4% on year but still trailing behind Saudi Arabia, which supplied 43.3 million tonnes (1.75 million bpd), 1% below year-ago level.