China’s May oil imports from Russia soar 55% to a record, surpass Saudi supply

SINGAPORE: China’s crude oil imports from Russia soared 55% from a yr earlier to a document degree in Could, displacing Saudi Arabia as the highest provider, as refiners cashed in on discounted provides amid sanctions on Moscow over its invasion of Ukraine.
Imports of Russian oil, together with provides pumped through the East Siberia Pacific Ocean pipeline and seaborne shipments from Russia’s European and Far Jap ports, totalled practically 8.42 million tonnes, based on knowledge from the Chinese language Common Administration of Customs.
That is equal to roughly 1.98 million barrels per day (bpd) and up from 1.59 million bpd in April. China is the world’s greatest crude oil importer.
Chinese language companies, together with state refining large Sinopec and state-run Zhenhua Oil, have ramped up purchases of Russian oil, enticed by steep reductions after western oil majors and buying and selling homes pulled again because of sanctions.
Saudi Arabia trailed because the second-largest provider, with Could volumes up 9% on yr at 7.82 million tonnes, or 1.84 million bpd. This was down from April’s 2.17 million bpd.
Russia took again the highest rating after a spot of 19 months.
Customs knowledge launched on Monday additionally confirmed China imported 260,000 tonnes of Iranian crude oil final month, its third cargo of Iran oil since final December, confirming an earlier Reuters report.