• 4 minutes Why Trump Is Right to Re-Open the Economy
  • 7 minutes Did Trump start the oil price war?
  • 11 minutes Covid-19 logarithmic growth
  • 15 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 18 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 4 hours Russia's Rosneft Oil Company announces termination of its activity in Venezuela
  • 15 mins Trump eyes massive expulsion of suspected Chinese spies
  • 6 hours America’s Corona Tsar, Andrew Fauci, Concedes Covid-19 May Be Just a Bad Flu With a Fatality Rate of 0.1%
  • 3 mins A New Solar-Panel Plant Could Have Capacity to Meet Half of Global Demand
  • 2 hours Saudi Arabia Can't Endure $30 Oil For Long
  • 8 hours KSA taking Missiles from ?
  • 10 hours Where's the storage?
  • 1 min >>The falling of the Persian Gulf oil empires is near <<
  • 10 hours Western Canadian Select selling for $6.48 bbl. Enbridge charges between $7 to $9 bbl to ship to the GOM refineries.
  • 5 hours TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 13 hours China extracts record amount of natural gas from Gas Hydrates in South China Sea
  • 14 hours Wait till America opens their Q1 401k Investment Statements and see they have lost 35% of their retirement savings. They can blame the Authoritarian Chinese Communist Party..
  • 11 hours Hillary Clinton tweeted a sick Covid joke just to attack Trump
Alt Text

Oil Nations Could See Income Crash By Up To 85 Percent In 2020

The coronavirus pandemic and collapsing…

Alt Text

The Permian Boom Is Going Bust

Oil companies are already beginning…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Saudi Oil Exports To China See Spectacular Jump

Saudi crude oil exports to China rose 43 percent on the year in April to an average 1.53 million bpd versus 1.07 million bpd in April 2018 as independent refiners continued buying more.

At 6.3 million tons for the full month, Saudi oil made up the largest share of crude imports into China, displacing Russian oil, whose intake during the reporting period was 6.12 million tons or 1.49 million bpd. Still, Russian oil imports also marked an increase: in April 2018 these averaged 1.35 million bpd.

According to customs data cited by Reuters, Chinese refiners also increased their purchases of Iranian crude last month ahead of the expiry of sanction waivers. The average daily intake of Iranian oil was almost 790,000 bpd or 3.24 million tons for the whole period.

Increased imports of Saudi crude will continue this month, again thanks to higher demand from independent refiners. One of these, Hengli Petrochemical, will account for the largest increase as it ramps up operations at its brand new 400,000-bpd refinery in the Northeast to capacity.

As Reuters reported earlier, Hengli alone is expected to buy 6-8 million barrels of Saudi oil this month, which translates into 194,000-258,000 bpd. According to a company executive, after May, the average intake of Saudi crude by the independent refiner will decline to 4-6 million tons.

Meanwhile, Chinese refiners are shunning U.S. crude amid the latest escalation between Washington and Beijing. Chinese oil traders and refiners no longer want to sign long-term supply agreements with U.S. producers, the chief executive of Enterprise Products Partners said last week.

At the same time, Beijing has increased refined oil product export quotas to about 50 million tons since the start of the year. Average processing rates hit a record earlier this month, at 12.68 million bpd and, according to CNPC, this will be the average processing rate for 2019.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage






Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News