Russian oil supplies to China jump 16% in October and come in second place after Saudi Arabia

Chinese oil imports from Russia jumped 16% year-on-year in October, making it second only to Saudi Arabia, Beijing’s biggest supplier, as state firms fill warehouses ahead of a European embargo over the Russia-Ukraine war.

Data from China’s General Administration of Customs showed Sunday, November 20, that supplies from Russia, including oil pumped through the East Siberian Pipeline into the Pacific Ocean and cargo transported by sea from European and Far Eastern ports in Russia, totaled 7.72 million tons.

The volumes, equivalent to 1.82 million bpd, were little changed from imports in September but fell from the record high of around 2 million bpd in May.

Saudi shipments increased 12% year-on-year to 7.93 million tons, or 1.87 million bpd, compared to 1.83 million bpd in September.

Since the beginning of the year, Saudi Arabia has remained the largest supplier to China, with quantities amounting to 73.76 million tons, unchanged on an annual basis, and Russian supplies increased from January to October 9.5% on an annual basis to 71.97 million tons, supported by the continuous demand from refineries for reduced oil. the prices.

Crude oil imports from the United States jumped more than five times in October compared to a year earlier, as refineries benefited from lower prices as US exports increased amid higher production and stock draws.

Imports from Malaysia, which for the past two years has been a transit point for shipments from Iran and Venezuela, nearly doubled year-on-year to 3.52 million tonnes.