China imports 13% less crude oil from Saudi in March, 14% less from Russia -customs

A crude oil tanker is seen at Qingdao Port, Shandong province, China, April 21, 2019. REUTERS/Jason Lee/File Picture

April 20 (Reuters) – Saudi Arabia exported practically 13% much less oil to China in March than a 12 months earlier however retained its prime provider spot, whereas shipments from second-ranking Russia slipped 14%, Reuters’ calculations based mostly on Chinese language customs information confirmed.

Saudi crude arrivals totalled 6.858 million tonnes final month, equal to 1.61 million barrels per day (bpd), in response to information from the Normal Administration of Customs.

That in comparison with a mean of 1.81 million bpd throughout the first two months and 1.85 million bpd a 12 months earlier.

Imports from Russia had been at 6.39 million tonnes, or 1.5 million bpd, versus 1.75 million bpd in March 2021 and 1.57 million bpd within the January-February interval.

The decrease provides from these two exporters got here as China’s general crude imports final month fell 14% on 12 months as unbiased refiners curbed purchases amid shrinking margins, and as giant state-owned vegetation underwent upkeep. learn extra

As a lot of the March arriving Russian shipments had been contracted earlier than the Feb. 24 Russian invasion of Ukraine, any minimize to Russian oil purchases attributable to worries of sanctions would solely be mirrored in information due for launch in Could.

Wednesday’s information confirmed zero imports from Iran, after customs reported two uncommon shipments in December and January which sources stated had been meant for presidency emergency stockpiling. learn extra

Based on tanker monitoring information, China’s imports of Iranian oil exceeded 700,000 bpd for January, surpassing the 623,000-bpd peak reached in 2017 earlier than former U.S. President Donald Trump reimposed sanctions in 2018 on Iranian oil exports. learn extra

Wednesday’s information didn’t present imports from Venezuela both, with state oil corporations shunning imports since late 2019.

Imports from Malaysia, nonetheless, typically used as a switch level prior to now couple of years for oil originating from Iran and Venezuela, held steady versus a 12 months earlier at 1.9 million tonnes. That was up from a mean of 1.08 million tonnes throughout the January-February interval.

Beneath is the detailed breakdown, with volumes in million tonnes:

Reporting by Chen Aizhu and Muyu Xu; Enhancing by Himani Sarkar

Our Requirements: The Thomson Reuters Belief Ideas.