[Singapore, 20th Reuters]–According to data from the General Administration of Customs of China, China’s imports of Russian crude oil in May increased 55% year-on-year, surpassing Saudi Arabia as China’s source of crude oil imports. The background is that Chinese refineries have increased imports of cheap Russian crude oil while Western countries impose sanctions on Russia that invaded Ukraine.
Russia’s oil imports in May, including supply via the Eastern Siberia-Pacific pipeline and sea transport from Russia’s European and Far East ports, totaled nearly 8.42 million tons. The daily amount is equivalent to about 1.98 million barrels, exceeding 1.59 million barrels in April. China is the world’s largest importer of crude oil.
China secretly expanded imports of cheap Russian crude oil, according to shipping data and oil traders. It fills the void created by Western buyers withdrawing from transactions with Russia after the invasion of Ukraine.
Saudi Arabia, which fell to second place in crude oil supply to China, increased by about 9% to 7.82 million tons (1.84 million barrels per day). April is 2.17 million barrels a day.
Russia has returned to the top for the first time in 20 months.
The details are as follows (the unit of quantity is 1 million tons).
month y/y pct change ytd y/r pct change
Saudi 7.82 8.7 38.22 4.5
Russia 8.42 55 34.025 2.5
Iraq 4.687 4.5 23.54 4.1
Angola 3.148 -3.6 14.84 8.7
Brazil 2.209 -19 10.996 -5.9
United States 0.516 -52 3.784 -44
Malaysia 2.2 112 8.42 36
Iran 0.26 — 0.52 —
Venezuela 0 — 0 —
Oman 3.977 -4 18.96 -0.8
