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China’s Saudi oil imports surge in May to all-time high

China’s Oil Imports from KSA Surge in May to An All-Time High

BEIJING / SINGAPORE – China’s crude oil imports from Kingdom of Saudi Arabia (KSA) nearly doubled in May from a year earlier to their peak as refineries purchased cheap fuel, while the kingdom maintained its position as the largest supplier of the largest world oil buyer.
Arrivals from Saudi Arabia last month reached 9,165 million tons, or 2.16 million barrels per day (BPD), an increase of about 95 per cent from 1.11 million BPD in May 2019 and 71 per cent from 1.26 million BPD in April, according to data from the General Administration of Customs.
Chinese refineries have increased performance to meet a recovery in fuel demand, but have also increased crude storage to take advantage of low prices after the coronavirus pandemic stirred global market.
Energy consultancy Kpler estimated that China’s crude storage reached a record high of 782 million barrels, with the country’s total capacity of 61 per cent.
Total imports of crude oil from China increased 19.2 per cent in May from a year earlier to the highest monthly level on record, data released earlier this month showed, as fuel demand rebounded sharply after reducing coronavirus brakes.
In May, Chinese refineries received their first shipment of crude from the United States since November, at around 550,000 tonnes, customs data released Thursday night showed.
China is slated to import a record amount of U.S. crude in July, Refinitiv data showed, as cargoes purchased by bargain hunters are delivered during the depths of the April price drop.
Russian shipments last month increased to 7.71 million tonnes, or 1.82 million BPD, compared to 1.75 million BPD in April and 1.5 million BPD during the same period the previous year.
Amid stringent U.S. sanctions, China avoided imports from Venezuela and shipments from Iran were close to record lows, the data showed.
(Sahar News Monitoring Desk)

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