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OIL: China Crude from Malaysia and Russia Replaced by Middle East Supply

OIL
Energy BulletsBulletAPACChinaCommodities

China’s November imports of crude oil from Malaysia and Russia fell from the previous month as imports from Saudi Arabia and Iraq increased, according to General Administration of Customs data.

  • China's seaborne and pipeline imports from Russia fell to 8.64m metric tons in November from 9.83m tons in October and 4% lower on the year.
  • Imports from Malaysia fell from a record high of 7.51m tons in October to 6.74m tons. Malaysia is used as a trans-shipment point for sanctioned cargoes from nations like Iran and Venezuela.
  • Shipments from Saudi Arabia rose to 6.96m tons from 5.79m the previous month and 5.4% higher year on year.
  • Imports from Iraq rose from 4.87m tons in October to 6.12m in November and 43% higher on the year.
  • There were no recorded imports from Venezuela or Iran in the month.
  • Last week customs data showed China's crude oil imports jumped 9% m/m and 14.3% y/y to 48.52m metric tons in November for the first annual growth in seven months.
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China’s November imports of crude oil from Malaysia and Russia fell from the previous month as imports from Saudi Arabia and Iraq increased, according to General Administration of Customs data.

  • China's seaborne and pipeline imports from Russia fell to 8.64m metric tons in November from 9.83m tons in October and 4% lower on the year.
  • Imports from Malaysia fell from a record high of 7.51m tons in October to 6.74m tons. Malaysia is used as a trans-shipment point for sanctioned cargoes from nations like Iran and Venezuela.
  • Shipments from Saudi Arabia rose to 6.96m tons from 5.79m the previous month and 5.4% higher year on year.
  • Imports from Iraq rose from 4.87m tons in October to 6.12m in November and 43% higher on the year.
  • There were no recorded imports from Venezuela or Iran in the month.
  • Last week customs data showed China's crude oil imports jumped 9% m/m and 14.3% y/y to 48.52m metric tons in November for the first annual growth in seven months.