Russia remained biggest crude supplier to China in July – JLC

Russia shipped about 8.06 million mt of crude oil to China in July, market intelligence provider JLC reported, citing data released by China’s General Administration of Customs (GACC).

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On a daily average, Russia exported around 1.90 million b/d of crude oil to China last month - 18.46% of China's total crude imports in July, JLC reported.  

However, on a month-on-month basis, China’s daily crude oil imports from Russia plunged by 34.74%, the report further added.

Saudi Arabia shipped about 5.65 million mt of crude oil to China in July, with a daily average of 1.33 million bbls. Saudi Arabia became the second-biggest crude supplier to China in July, while its exports to the country declined by 31.05% from June, JLC reported.

“Russian grades averaged about $69.11/bbl for export to China in July, versus $78.03/bbl for grades from Saudi Arabia, $74.27/bbl for those from Iraq, and $81.03/bbl for those from the UAE,” JLC noted citing GACC data.

In the first seven months of this year, China imported approximately 60.66 million mt of Russian crude oil, which constituted 18.62% of the country’s total imports. China also imported 52.17 million mt of crude from Saudi Arabia during the same period, JLC stated.

"Weakening price advantages amid tightening supply from Russia may dampen Chinese buyers’ interest,” JLC further noted.

By Aparupa Mazumder 

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