• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 22 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days The United States produced more crude oil than any nation, at any time.
  • 9 days e-truck insanity
  • 4 days How Far Have We Really Gotten With Alternative Energy
  • 8 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 7 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 8 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 9 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 9 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 12 days Bankruptcy in the Industry
Energy Stocks Rally Under The Radar

Energy Stocks Rally Under The Radar

Big Oil is trumping the…

Oil Moves Down on Inventory Rise

Oil Moves Down on Inventory Rise

Crude oil prices inched lower…

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

Crude storage

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

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News