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China Diversifies its Crude Imports Suppliers

Oil

China’s crude imports from the Caribbean and Latin America in March jumped 430K b/d m-o-m and 245K b/d y-o-y to a record 1.55M b/d, driven by a 209K b/d m-o-m rise in Brazilian volumes to a record 617K b/d, according to the latest China Customs data. Imports from Europe were also at a new high having increased by 199K b/d m-o-m and 234K b/d y-o-y to 421K b/d, with 359K b/d coming from the UK. Volumes from West Africa rose by 147K b/d m-o-m and 465K b/d y-o-y to 1.54M b/d, driven by a 251K b/d increase in Angolan shipments. In contrast, Middle East shipments in March fell by 92K b/d m-o-m but remained 310K b/d higher y-o-y at 1.11M b/d, putting the overall share from the region down to a multi-year monthly low of 42%, compared to 48% in January and February. China’s total crude imports in March were at a record 9.21M b/d.