crude oil fundamentals-China’s total crude oil imports reached 36.11 million tonnes in June

Russia was China’s biggest crude oil supplier for a fourth straight month in June, its longest streak ever in the top spot,
data from the General Administration of Customs showed on Monday.

China’s total crude oil imports reached 36.11 million tonnes in June, or 8.79 million barrels per day (bpd), making the
country the world’s largest buyer for a second month. However, imports dipped 2.9 percent from May’s purchases, the
second-highest on record.

Russia’s shipments to China last month rose 27 percent from a year ago to 1.27 million bpd, but were down from its
record 1.35 million bpd in May, the customs data showed. The country has been China’s top oil exporter since March, its
longest period ever as the biggest supplier.

Russian crude exports to China grew this year after independent refiners expanded their diet to include the Urals grade
exported from the Mediterranean. China also snapped up almost all of the ESPO blend exports from the Pacific port of
Kozmino.

Shipments from Angola rose 10.6 percent from a year ago to 1 million bpd, the data showed. That was also down from
May’s 1.31 million bpd, the data showed.

Russia and Angola are also the top two suppliers for the first six months of this year. During the period, Russia supplied
29.2 million tonnes of crude to China, or 1.18 million bpd, and Angola shipped 1.09 million bpd, a 22 percent jump from
last year.

Saudi Arabia’s exports continue to fall, with June shipments down 15.8 percent from a year ago to 936,607 bpd, making
it China’s third-largest supplier. For the year to date, it has shipped 1.07 million bpd.

Lower refinery throughput is likely to further reduce China’s demand for crude in coming months, with almost 10
percent of the country’s refining capacity set to be shut down during the third quarter as the industry struggles under a
glut of fuel products.

The data also showed that June imports from Iraq surged 47 percent compared with a year ago to 834,788 bpd. Supplies
from Brazil jumped 118 percent to 689,969 bpd in June, making it the fifth-biggest supplier for the month.

 

-reuters

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