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Russia Top Crude Supplier to China in May

OIL

Russia overtakes Saudi as top crude supplier to China in May based on customs data out today. The figures show Russia is managing to find outlets for its crude despite global sanctions as China soaks up substantial volumes despite pandemic restrictions which have hampered overall demand in the country for energy.

  • China's overall crude imports rose to 10.8 million bpd in May, a 12% rise from a year prior and up versus the 2021 average of 10.3mn bpd.
  • Imports from Russia came in at nearly 8.42mn tonnes in May, equivalent to roughly 1.98 million bpd and up a quarter from 1.59 million bpd in April. They were up 55% from a year earlier.
  • Flows from Saudi Arabia fell, dropping it to the second-largest supplier, with May volumes up 9% on year at 7.82 million tonnes, or 1.84 million bpd. This was down from April's 2.17 million bpd.
  • Iranian flows came in at 260,000 tonnes in May, its third shipment since December.
  • Customs data shows no flows from Venezuela in May.

Volumes in million tonnes, figures from official customs data.

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