China posts record crude imports from Saudi Arabia, Russia and Brazil

Oil

China’s crude oil imports from Saudi Arabia rose by 40K b/d m-o-m to a record high of 2.17M b/d in June, according to data from the General Administration of Customs (GAC). This is an increase of 280K b/d y-o-y, as refiners ordered record volumes during the crash in oil prices in March and April. Despite the rise from Saudi Arabia, total imports from the Middle East fell by 120K b/d m-o-m to 5.96M b/d, with imports from Iran falling to zero for the first time on record.

Loadings from Russia, China’s second largest crude supplier, also reached new highs, rising by 130K b/d m-o-m to 1.95M b/d. Imports from Brazil shot up by 660K b/d (or 120%) m-o-m to 1.22M b/d, which is 170K b/d higher than the previous record from February 2019.