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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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.
Source: General Administration of Customs / Reuters
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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