China published detailed data on crude oil imports in June on Monday. Of the total of 49.9 million tons, Russia represented 8.35 million tons and Saudi Arabia 7.9 million tons, says Commerzbank raw material analyst, Carsten Fritsch.
Russia remained the most important oil supplier in China
“While Russia’s deliveries were marginally lower than the previous month, imports of Saudi Arabia increased by 45%. The strong increase in Chinese oil imports from Malaysia was also notable. These increased by 40% to 7.1 million tons. This corresponds to a daily volume of 1.73 million barrels, which places Malaysia in third place among the most important oil suppliers of oil China
“The significantly higher exports are probably due to the role of Malaysia as a transforded point for the sanctioned oil of Iran and Venezuela. Officially, China did not import oil from Iran or Venezuela in June. The same applies to US oil imports, although for different reasons. Tariffs have made US oil imports too expensive for Chinese refineries.”
“In the first half of the year as a whole, China’s oil imports from Russia were 11% lower than the previous year. However, Russia remained the most important oil supplier in China. Saudi Arabia occupied second place, closely followed by Malaysia. While the oil imports of Saudi Arabia fell 3.5% compared to the same period last year They increased by more than 30%.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
