• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Middle East on brink: Oil tankers attacked off Oman
  • 8 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 9 hours Here We Go: New York Lawmakers Pass Aggressive Law To Fight Climate Change
  • 4 hours The Inconvenient Truth Of Electric Cars
  • 1 hour Iran downs US drone. No military response . . Just Completely Destroy their Economy. Can Senator Kerry be tried for aiding enemy ?
  • 3 hours Oil Demand Needs to Halve: Equinor
  • 9 hours Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 11 hours Ireland To Ban New Petrol And Diesel Vehicles From 2030
  • 11 hours Is $60/Bbl WTI still considered a break even for Shale Oil
  • 6 hours Solar Panels at 26 cents per watt
  • 4 hours The Plastics Problem
  • 12 hours Wonders of Shale - Gas, bringing investments and jobs to the US
  • 12 hours NATO Article 5: Attack on one member is attack on all. Members all must come to defense . . . NOT facilitate financial transactions to circumvent and foil US Sanctions. Somebody please tell Angela.
  • 5 hours Huge UK Gas Discovery
  • 8 hours Hydrogen FTW... Some Day
  • 7 hours Section 232 Uranium
  • 5 hours Green vs. Coal: Bavaria Seeks Fast-Track German Coal Exit in Snub to Merkel Plan
Alt Text

Oil Industry Banks On Shaky Plastic Bet

Oil companies are hedging the…

Alt Text

Goldman: No One Knows What’s Going On In Oil Markets

The opaque supply situation in…

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