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China cutting oil shipments from Angola and Brazil

Russia remains China’s top oil supplier, shipping 7.15 million tons in July, and 48.5 million tons since January.

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Russia remains China’s top oil supplier, shipping 7.15 million tons in July, and 48.5 million tons since January.

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

UPDATED: 22 Dec 2023, 12:52 am

Russia held its spot as China’s top oil supplier for a third month in July, as independent refiners stepped up purchases of discounted supplies while cutting shipments from rival suppliers such as Angola and Brazil.

Imports of Russian oil totalled 7.15 million tonnes, up 7.6 per cent from a year ago, data from the Chinese General Administration of Customs showed. Still, Russian supplies in July, equivalent to about 1.68 million barrels per day (bpd), were below May’s record of close to 2 million bpd.

Imports from second-ranking Saudi Arabia rebounded last month from June, which was the lowest in more than three years, to 6.56 million tonnes, or 1.54 million bpd, but still slightly below levels a year ago.

Year-to-date imports from Russia totalled 48.45 million tonnes, up 4.4 per cent on the year, still trailing behind Saudi Arabia, which supplied 49.84 million tonnes, or 1 per cent below the year-ago level.

The strong Russian purchases squeezed out competing supplies from Angola and Brazil, which fell 27 per cent year-on-year and 58 per cent, respectively.

Imports from Angola, China’s fourth-biggest oil supplier, reached 19.3 million tonnes since January, 15.5 per cent less than in 2021.

Also since the beginning of the year, oil imports from Brazil reached 14 million tonnes, 27 per cent less, making the South American country the fifth-largest supplier to China, CLBrief reported.

 

UPDATED: 22 Dec 2023, 12:52 am

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