In June, Saudi Arabia was the top oil importer to China as refiners ordered record-high volumes of fuel in March and April during the oil price war and the early pandemic months.
On a yearly basis, Saudi’s oil imports to China climbed by 15% or 2.16 million bpd or 8.88 mt. The level was still in line with May’s level.
According to China’s General Administration of Customs, the country imported a total of a record 53.18 mt last month.
Russian imports were at 7.98 mt or 1.95 million bpd. The reading was up from 1.73 million bpd in the corresponding time in 2019 and from 1.82 million bpd in May.
According to Refinitiv, Beijing also increased inputs from Brazil, Norway, and Angola.
Looking ahead, China is estimated to post another record amount of crude oil purchases this month as some loading cargoes from May are still underway, and Chinese ports slow new arrivals on the back of swelling oil inventory.
