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Russia Remains China’s Top Crude Supplier, Angolan Shipments Drop

Oil

Russia held its position as China’s top crude oil supplier for the 8th month in a row in October, according to official data released by the Chinese General Administration of Customs. Shipments from Russia in October stood at 1.1M b/d, down 1.9% or 22K b/d y-o-y and 29.1% from September’s record shipments of about 1.6M b/d. Russian exports to China have averaged marginally below 1.2M b/d during the first 10 months of 2017, 16% higher than the same period last year.

Saudi Arabia replaced Angola after 6 months, as China’s second largest crude provider, shipping 1.09M b/d, up 4.4% or 46K b/d m-o-m and 16% or 151K b/d y-o-y. Saudi year to date crude shipments to China average about 20K b/d higher than the same period last year. Third ranking Angola’s supplies were about 45% or 263K b/d higher in October y-o-y at 843K b/d, however 26.2% or 300K b/d lower m-o-m. Angola’s shipments in October were over 200K b/d lower than the average year to date. Meanwhile, US shipments to China last month stood at 207K b/d, up 72% m-o-m and the second strongest monthly rate since China started importing US crude last year, according to Reuters.