Chinese crude oil imports from Russia rose 17% year-on-year in November as China’s refiners raced to secure more cargoes, ahead of a price cap imposed by the Group of Seven (G7) countries on Dec.
The jump made Russia the main supplier of oil to China, ahead of Saudi Arabia.
Russian oil arrivals, including oil pumped through the East Siberian pipeline into the Pacific Ocean and sea shipments from Russia’s European and Far East ports, totaled 7.81 million tonnes last month, data from the General Administration of Customs showed on Tuesday. -Friday (20).
That equates to 1.9 million barrels per day (bpd), up from 1.82 million bpd in October and 1.63 million tonnes in the same period last year.
As of Dec. 5, the European Union has banned imports of Russian crude oil and G7 countries have introduced a cap of $60 a barrel on Russian oil in an attempt to limit Moscow’s ability to finance the war in Ukraine. .
Big discounts on Russian crude oil, however, still attracted Chinese buyers in November, especially independent refiners in the oil refining hub of Shandong, although some state-owned refineries have started to reduce purchases due to concerns about Western sanctions on Moscow.
Imports by China from Saudi Arabia totaled 6.62 million tonnes in November, or 1.61 million bpd, down 11% from a year earlier.
Analysts had expected Saudi Arabia’s market share in China to remain firm or even increase in the future after China’s President Xi Jinping pledged to make more energy deals with the world’s biggest oil exporter.
US crude oil shipments to China hit 1.05mt/y in November, the highest level since January, as buyers take advantage of sizable arbitrage profits after rising shale oil production and oil sales. US reservations.
Source: CNN Brasil
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