• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 30 mins Is Europe heading for winter of discontent with extensive gas shortages?
  • 2 days The United Nations' AGENDA 2030 - The vision for One World Governance ...an article by the famous Dr Robert Malone
  • 2 days "Mexico Plans to Become an Export Hub With US-Drilled Natural Gas" - Bloomberg - (See image)
  • 2 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 4 days Hopes Are Dashed For International Oil Companies In North Iraq
  • 1 day "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 3 days The Federal Reserve and Money...Aspects which are not widely known
UN Warns Of Disaster As Russia, Ukraine Face Off In Zaporizhia

UN Warns Of Disaster As Russia, Ukraine Face Off In Zaporizhia

UN Secretary-General Antonio Guterres is…

How To Play The Surge In Lithium Demand?

How To Play The Surge In Lithium Demand?

ALB now looks like the…

Saudi Arabia Beats Russia Again To Top Chinese Oil Supplier Spot

Saudi Arabia kept its status as China’s top oil supplier in April, beating Russia for the eighth month in a row as the world’s largest oil buyer imported the lowest crude volumes since December.

According to Chinese customs data on Thursday cited by Reuters, Saudi Arabia sent 1.57 million barrels per day (bpd) of oil to China last month, the lowest Saudi monthly volume since October 2020. Yet, the world’s largest oil exporter continued to be China’s top crude supplier, eking out ahead of Russia’s deliveries which averaged 1.53 million bpd in April.

Chinese imports from the United States also dropped in April, but China wasn’t importing any U.S. crude in April last year, the customs data showed.

The decline in shipments from key suppliers was in line with the drop in China’s overall crude oil imports in April, which were below 10 million bpd, down by 0.2 percent compared to April 2020.

Last month, Chinese crude oil imports fell to their lowest levels since December 2020, to 9.82 million bpd, data showed earlier this month. China had slowed down buying because of rising oil prices which were pressuring refining margins amid growing fuel inventories.

To compare, China imported 11.69 million bpd in March, up by 21 percent on the year. In early April, analysts expected a slowdown in oil imports as refiners started seasonal maintenance. Higher oil prices were also expected to discourage a rebound in oil buying in April by Chinese refiners and traders.

Still, China’s refinery throughput increased by 7.5 percent annually in April, signaling a sustained recovery in crude processing, although the volumes were lower than the record-highs seen last November.

Higher oil prices and the possibility that strategic reserves are close to capacity suggest that China’s accelerated crude oil stockpiling could be coming to an end, analysts say.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | 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