China's crude oil imports from Russia rose 17% in November from a year earlier, as Chinese refiners rushed to secure more cargoes ahead of a price cap imposed by the Group of Seven nations on Dec. 5.
The jump made Russia the top oil supplier for China ahead of Saudi Arabia.
Arrivals of Russian crude, including oil pumped through the East Siberia Pacific Ocean pipeline and seaborne shipments from Russia's European and Far Eastern ports, amounted to 7.81 million tonnes (MMtonne) last month, data from the General Administration of Customs showed on Dec. 20.
That is equivalent to 1.9 million barrels per day (MMbbl/d), comparing to 1.82 MMbbl/d in October and 1.63 MMtonne in the same period last year.
From Dec. 5, the European Union banned imports of Russian crude oil and G7 nations introduced a cap of $60 a barrel on Russian oil in an attempt to limit Moscow's ability to finance the war in Ukraine.
Steep discounts of Russian crude oil, however, still attracted Chinese buyers in November, especially the independent refiners in the oil refining hub of Shandong, although some state-owned refiners began scaling back purchases due to concerns about Western sanctions on Moscow.
China's imports from Saudi Arabia totaled 6.62 MMtonne in November, or 1.61 MMbbl/d. That was down 11% from a year ago.
Analysts expected Saudi Arabia's market share in China to stay firm or even pick up in the future after China's President Xi Jinping pledged to do more energy deals with the world's top oil exporter.
Recommended Reading
Baker Hughes Defies Nature with an Upgrade to Ol’ Fashioned Cement
2024-10-15 - Baker Hughes’ InvictaSet uses regenerative capabilities to provide operators with a sustainable cement solution that can last for years.
Smart Tech Moves to the Hazardous Frontlines of Drilling
2024-10-08 - In the quest for efficiency and safety, companies such as Caterpillar are harnessing smart technology on drilling rigs to create a suite of technology that can interface old and new equipment.
Water Management Called ‘Massive Headwind’ for Permian Operators
2024-11-21 - Amanda Brock, CEO of Aris Water Solutions, says multiple answers will be needed to solve the growing amounts of produced water generated by fracking.
E&P Highlights: Nov. 4, 2024
2024-11-05 - Here’s a roundup of the latest E&P headlines, including a major development in Brazil coming online and a large contract in Saudi Arabia.
E&P Highlights: Sept. 23, 2024
2024-09-23 - Here's a roundup of the latest E&P headlines, including Turkey receiving its first floating LNG platform and a partnership between SLB and Aramco.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.