Saudi Arabia Remains China’s Largest Oil Supplier in July

Saudi Arabia remained the largest supplier of crude oil to China for the ninth consecutive month in July, but its shipments of crude fell 10% on a monthly basis, while shipments from Russia fell only 4%.

According to data from the General Administration of Customs in China, total Saudi shipments amounted to 6.69 million tons in July, or 1.58 million barrels per day, compared to 1.75 million barrels per day in June, but with an increase of more than a quarter compared to July last year.

Imports from Russia amounted to 6.64 million tons last month, or about 1.56 million barrels per day, compared to 1.62 million barrels per day in June.

China’s total imports of crude oil last month plunged nearly 20% from a year ago, as independent refiners faced smaller import allocations amid government restrictions on the circulation of permits.

Imports from Malaysia tripled from a year ago to 1.18 million tons, up from 1.17 million tons in June.