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Russia becomes the largest oil exporter to China

Russia becomes the largest oil exporter to China

(Summary description)According to a report by OILPRICE on Tuesday (May 26), Russia became China’s largest crude oil supplier last month, surpassing Saudi Arabia at an average rate of 1.75 million barrels per day, while Sa

Russia becomes the largest oil exporter to China

(Summary description)According to a report by OILPRICE on Tuesday (May 26), Russia became China’s largest crude oil supplier last month, surpassing Saudi Arabia at an average rate of 1.75 million barrels per day, while Sa

Information

  According to a report by OILPRICE on Tuesday (May 26), Russia became China’s largest crude oil supplier last month, surpassing Saudi Arabia at an average rate of 1.75 million barrels per day, while Saudi Arabia’s was 1.26 million barrels per day. In fact, last month Saudi Arabia ranked third among Chinese oil suppliers, and Iraq ranked second.

  In comparison, China imported 1.66 million barrels per day of oil from Russia and 1.7 million barrels per day of oil imported from Saudi Arabia in March. Compared with the monthly average, Saudi Arabia's oil supply to the world's largest importer (China) has dropped significantly. At the same time, China’s imports of Russian crude oil in March increased by 31% over the same period last year, and crude oil imports from Russia in April increased by 18% over the same period last year.

  China is a key market for all crude oil exporting countries, and it has naturally become the world's oil exporting country. In view of the increasing tension between China and the United States, this is not entirely conducive to US oil imports.

  At the same time, amid more good news about oil prices, China’s total oil imports in April were higher than in March, indicating a steady recovery in oil demand. The average was 9.84 million barrels per day in April and 9.68 million barrels per day in March. However, the April data was lower than the April 2019 average, which was 10.64 million barrels per day.

  But analysts believe that Saudi Arabia's market share loss to Russian oil is only temporary. Ship tracking company Vortexa said in an interview that Saudi crude oil exports to China in May may have more than doubled compared with April, and April fell 41% from March.

  The head of IHSMarkit's commodity area said: "It is clear that Saudi Arabia's goal is to increase its market share in the West during April. Saudi Arabia is now reducing production and shipments, but it is expected to again focus on China."

  According to data from TankerTrackers.com in the first 21 days of May, the average oil export volume of Saudi Arabia to China was about 1.87 million barrels per day. (Excerpt from China Energy Network Chief Editor Zhang Xuekun)

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