Crude oil from Saudi to China up by 8.8% in March

WebAdmin — Tue, 20 Apr 2021 07:08:55 +0000

Crude oil imports from Saudi Arabia to China rises to 8.8 percent in the month of March when compared to the previous year according to the media. The rise is because of the heavy demand and the arrival of the delayed shipments due to port congestions.

It was also stated that the UAE imports rose up to 86 percent where few barrels from Iran were also added in. Saudi is said to be China’s biggest crude supplier for the seventh consecutive month. China’s General Administration of Customs issued data stating that shipments from Saudi Arabia were about 7.84 million tonnes that is equivalent to 1.85 million barrels per day (bpd). It is said to be 1.7 million bpd higher than in 2020 and 1.94 million bpd less than in February 2021.

Oil arrivals at the ports of China’s oil refining hub Shandong experienced congestion in January and February. Import of crude oil from Russia to China rose up to six percent in March to 1.75 million bpd from 2020 but slipped from 1.91 million bpd in February 2021. Analysts expect that the arrival of crude oil from Saudi Arabia to China will drop further in the month of April. It is because of the voluntary supply cut of 1 million bpd by the producer and also the increasd prices of Arab light crude for the Asian market.

China’s imports from the UAE in February were at 0.71 million bpd, which increased to 86 percent on the year. Shipments from Oman also said to have risen to 60 percent from a year ago to 0.86 million bpd.

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China issues more crude import quotas to bring in 56.85 mn tonnes of oil

International Finance Desk — Mon, 08 Jul 2019 07:20:22 +0000

China has issued more crude oil import quotas to bring in an additional 56.85 million tonnes of crude oil for the year. The quotas are issued to a total of 33 private refiners and 10 state or provincial refiners, media reports said.
Hengli Petrochemical will import 12.8 million tonnes out of 56.85 million tonnes. State-run ChemChina and Shaanxi Yanchang Petroleum Group are among the other notable refiners that will import the remaining of the 56.85 million tonnes of oil.
China’s total quotas issued for 2019 will go up to 151 million tonnes of crude oil, which is about 3.02 million barrels per day.
In 2018, China had to import 71 percent of its total oil consumption. The figure is only expected to go up to 80 percent by 2035.
The first batch of quotas issued earlier in January by China was 20 percent lower when compared to the quotas issued during the same period last year. China’s thirst for oil is only increasing despite the ongoing trade war with the US.
Earlier, China imported most of its oil from Southeast Asia. But due to increasing demand, China now imports oil from the Middle Eastern countries such as Saudi Arabia, Iraq, and the United Arab Emirates, and also Africa and Russia.
Despite China’s best efforts to diversify its routes, in 2018, 78 percent of its oil imports and 16 percent of natural gas entered the country through the Strait of Malacca and the South China Sea.
In June, China granted licenses to import crude oil to four independent refiners. The license issue earlier to that was over a year ago when in May 2018 China issued licenses to a dozen private refiners.

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Crude oil from Saudi to China up by 8.8% in March

China issues more crude import quotas to bring in 56.85 mn tonnes of oil