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Thursday, July 27, 2017

Russia is Top China Oil Supplier Fourth Straight Month in June, Longest Streak Ever

Russia was China's biggest crude oil supplier for a fourth straight month in June, its longest streak ever in the top spot, data from the General Administration of Customs showed.

China's total crude oil imports reached 36.11 million tonnes in June, or 8.79 million barrels per day (bpd), making the country the world's largest buyer for a second month. However, imports dipped 2.9 percent from May's purchases, the second-highest on record.

Russia's shipments to China last month rose 27 percent from a year ago to 1.27 million bpd, but were down from its record 1.35 million bpd in May, the customs data showed. The country has been China's top oil exporter since March, its longest period ever as the biggest supplier.

Russian crude exports to China grew this year after independent refiners expanded their diet to include the Urals grade exported from the Mediterranean. China also snapped up almost all of the ESPO blend exports from the Pacific port of Kozmino.

Shipments from Angola rose 10.6 percent from a year ago to 1 million bpd, the data showed. That was also down from May's 1.31 million bpd, the data showed.

Russia and Angola are also the top two suppliers for the first six months of this year. During the period, Russia supplied 29.2 million tonnes of crude to China, or 1.18 million bpd, and Angola shipped 1.09 million bpd, a 22 percent jump from last year.

Source: Reuters