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Russia Remains Top Crude Supplier to China in October: Customs

OIL

Russia remained the top crude supplier for China in October according to official customs data:

  • China's crude imports from Russia - including supplies via pipelines and seaborne shipments - totalled 8.54 million metric tons in October, or 2.01mn bpd, according to data from the General Administration of Customs, 5.6% below September's level of 2.13 mn bpd.
  • Shipments from Saudi Arabia totalled 6.64 million tons, or 1.56 million bpd, down 2.5% from September and 16.2% from a year earlier.
  • OPEC+ cuts and higher competition from Indian refiners has pushed Russian ESPO to a premium.
  • Russian ESPO-grade shipments for October delivery were priced at around a $1/bbl premium to the ICE Brent benchmark, versus a $1.20 discount for September delivery cargoes and an $8.50 discount for shipments delivered in March, according to Reuters sources.
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