Saudi Arabia remained China’s top crude oil supplier for the ninth month in July but its crude arrivals fell 10% on the month, while Russian imports slipped by just 4%.
Shipments from Saudi Arabia totaled 6.69 million tonnes in July, or 1.58 million bbl/d, compared with June’s 1.75 million bbl/d, but was a quarter more than July last year, according to data from the General Administration of Customs in China.
Imports from Russia were 6.64 million tonnes last month, or about 1.56 million bbl/d, versus 1.62 million bbl/d in June.
China’s total crude oil imports last month tumbled almost 20% from a year ago as independent refiners faced tighter import quotas amid a government clamp-down on trade of the permits.
Imports from Malaysia tripled from a year earlier to 1.18 million tonnes, and up from June’s 1.17 million tonnes.
Shipments of oil from Iran and Venezuela have been reported as originating from Malaysia after cargoes were transferred in Malaysian waters to avoid U.S. sanctions, according to traders and tanker tracking specialist Vortexa Analytics.
Heavy crude from Venezuela was previously passed on as bitumen mix but that has dropped sharply after China began enforcing taxes on bitumen mix in June.
The official data recorded no arrivals from Iran and Venezuela.
Data also showed imports from the United Arab Emirates (UAE) last month fell 46% from a year ago, indicating slower purchases of Iranian oil, some of which has been sold as having originated from the UAE.
Imports from Brazil remained subdued, at 2.43 million tonnes last month, down 47% from a year earlier.
Recommended Reading
Analysis: Middle Three Forks Bench Holds Vast Untapped Oil Potential
2025-01-07 - Williston Basin operators have mostly landed laterals in the shallower upper Three Forks bench. But the deeper middle Three Forks contains hundreds of millions of barrels of oil yet to be recovered, North Dakota state researchers report.
E&P Highlights: Dec. 30, 2024
2024-12-30 - Here’s a roundup of the latest E&P headlines, including a substantial decline in methane emissions from the Permian Basin and progress toward a final investment decision on Energy Transfer’s Lake Charles LNG project.
APA's Apache Reports Another Oil Discovery on Alaska's North Slope
2025-03-17 - APA Corp. and its partners plan flow tests after the success of the Sockeye-2 exploratory well.
Oxy CEO: US Oil Production Likely to Peak Within Five Years
2025-03-11 - U.S. oil production will likely peak within the next five years or so, Oxy’s CEO Vicki Hollub said. But secondary and tertiary recovery methods, such as CO2 floods, could sustain U.S. output.
E&P Highlights: Jan. 6, 2025
2025-01-06 - Here’s a roundup of the latest E&P headlines, including company resignations and promotions and the acquisition of an oilfield service and supply company.
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.