• 4 minutes Nord Stream 2 Halt Possible Over Navalny Poisoning
  • 8 minutes America Could Go Fully Electric Right Now
  • 11 minutes JP Morgan says investors should prepare for rising odds of Trump win
  • 1 day Permian in for Prosperous and Bright Future
  • 2 hours Daniel Yergin Book is a Reality Check on Energy
  • 1 day YPF to redeploy rigs in Vaca Muerta on export potential
  • 1 day Gepthermal fracking: how to confuse a greenie
  • 8 hours Famine, Economic Collapse of China on the Horizon?
  • 8 hours Oil giants partner with environmental group to track Permian Basin's methane emissions
  • 2 days US after 4 more years of Trump?
  • 1 day Top HHS official takes leave of absence after Facebook rant about CDC conspiracies
  • 2 days The Perfect Solution To Remove Conflict Problems In The South China East Asia Sea
  • 2 hours Open letter from Politico about US-russian relations
  • 2 days Surviving without coal is a challenge!!
  • 3 days Portuguese government confirms world record solar price of $0.01316/kWh
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