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Chinese Crude Imports from Russia Near Record High in March

OIL

Chinese crude oil imports from Russia surged to a near record high in March amid an increase in deliveries of Sokol crude previously stranded on water due to tightened US sanctions.

  • China's seaborne and pipeline imports from Russia increased 12.5% y/y to 10.81m metric tons, or 2.55mbpd last month, according to data from the General Administration of Customs. The previous monthly record was 2.56mbpd in June 2023.
  • A build in Russian crude in strategic reserves by state-owned CNOOC also boosted imports from Russia.
  • Saudi Arabia shipped 6.3m tons of crude oil to China last month, down from 6.99m in February and down 29.3% on the same period last year.
  • Imports from Malaysia increased to 4.76m tons from 4.71m tons the previous month while January-March imports from Malaysia rose 39.2% on the year to 13.7m tons, or 3.23mbpd. Malaysia is used as a trans-shipment point for sanctioned cargoes from nations like Iran and Venezuela.
  • China imported 375k tons of crude oil from Venezuela in March following the first shipments since September 2019 seen in February. US Sanctions on Venezuela were re-imposed on April 18.

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Chinese crude oil imports from Russia surged to a near record high in March amid an increase in deliveries of Sokol crude previously stranded on water due to tightened US sanctions.

  • China's seaborne and pipeline imports from Russia increased 12.5% y/y to 10.81m metric tons, or 2.55mbpd last month, according to data from the General Administration of Customs. The previous monthly record was 2.56mbpd in June 2023.
  • A build in Russian crude in strategic reserves by state-owned CNOOC also boosted imports from Russia.
  • Saudi Arabia shipped 6.3m tons of crude oil to China last month, down from 6.99m in February and down 29.3% on the same period last year.
  • Imports from Malaysia increased to 4.76m tons from 4.71m tons the previous month while January-March imports from Malaysia rose 39.2% on the year to 13.7m tons, or 3.23mbpd. Malaysia is used as a trans-shipment point for sanctioned cargoes from nations like Iran and Venezuela.
  • China imported 375k tons of crude oil from Venezuela in March following the first shipments since September 2019 seen in February. US Sanctions on Venezuela were re-imposed on April 18.

Keep reading...Show less