China’s crude oil imports from Russia rise by 28 percent in August from a year earlier. Statistics confirmed on Tuesday. The Country Surpassed Its Highest Supplier Rating For Saudi Arabia For The First Time In Four Months. Russian oil imports, including materials, pumped through the East Siberian Pacific Pipeline. And sea shipments from Russia’s Far East and European ports totaled 8.342 million tons. Statistics from China’s General Administration of Oil confirmed. The amount of August, is equal to 1. 96 million barrels per day (bpd). Just below May’s record of nearly 2 million bpd.
China is the biggest buyer of Russian oil,. Russian imports surged as unbiased Chinese refiners extended purchases of discounted Russian materials that crowded out competing cargoes. China’s buying has surged to capitalize on a brief dip in European buying. While Beijing wants to do so even more as the Ukraine crisis forces Moscow to seek opportunity in markets.
On a yearly basis, Saudi Arabia continues to be the largest supplier, shipping 58.31 million tonnes of oil from January to August, down 0.3% from the previous year, compared to 55.79 million tonnes from Russia, which was up 7.3% from the same time last year. August saw a 9.4% decrease in China’s imports of crude oil compared to the same month last year due to outages at state-run refineries and reduced production at independent plants because of low profits.
The strong Russian purchases continued to weigh on competing supplies from Angola and Brazil, which fell in August by 34 per cent and 47 per cent year-on-year, respectively.
Customs reported no imports from Venezuela or Iran last month. State oil firms have shunned purchases since late 2019 for fear of falling foul of secondary U.S. sanctions. – SHREE METAL PRICES