20 Jul 2022 | 06:23 UTC

CHINA DATA: Russian June crude supplies fall 11% from May's record to 1.78 mil b/d

Highlights

H1 2022 Russian inflows rise 4% to 1.67 mil b/d

Saudi Arabian June supplies drop to 43-month low of 1.24 mil b/d

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China's imports of Russian crude oil fell 10.6% from a record high in May to 1.78 million b/d, or 7.29 million mt, in June, but the producer remained the biggest crude supplier during June, data from the General Administration of Customs showed July 20.

The Russian volumes volume represented a 9.5% year-on-year jump in June, despite declining from 1.99 million b/d in May, according to GAC data.

GAC releases data in metric tons that S&P Global converts to barrels using a 7.33 conversion factor. Russian arrivals in June were down 13.5% on the month on a metric ton basis.

China's crude oil imports from Russia averaged 1.67 million b/d over January-June, rising 3.9% year on year.

Saudi Arabia remained the top crude supplier to China during the first half of the year, although the volume declined 1.1% year on year to 1.75 million b/d during the period due to a second straight monthly fall in June.

China's crude oil imports from the kingdom slumped 33.1% from May to a 43-month low of 1.24 million b/d in June, following a 9.5% decline from April in May, GAC data showed. Saudi Arabian inflows were last lower at 1.13 million b/d in October 2018.

Iranian crude inflows were at 260,349 mt, or 63,612 b/d, in June, representing the third Iranian cargo to be reported by GAC in 2022, with the first two cargos arriving in January and May, respectively.

Crude oil shipments from the Middle East gained 6% year on year to 5.4 million b/d over January-June, with China's total imports down 3.1% from a year ago during the period. The Middle East dominated China's supplies with a 52.8% market share, GAC data showed.

Crude oil inflows from North America, Latin America and Europe dropped 37.8%, 19.3% and 18.5%, respectively, in the first half of the year.

CHINA'S TOP CRUDE SUPPLIERS (MIL MT)

Jun-22
Jun-21
% change
May-22
% change
Russia
7.29
6.65
9.5%
8.42
-13.5%
Saudi Arabia
5.06
7.20
-29.7%
7.82
-35.3%
Iraq
3.20
3.48
-8.1%
4.69
-31.7%
UAE
3.12
1.73
80.2%
4.09
-23.6%
Malaysia
2.65
1.17
127.0%
2.20
20.6%
Angola
2.35
3.68
-36.1%
3.15
-25.3%
Kuwait
2.10
2.40
-12.3%
2.61
-19.2%
Oman
2.07
3.83
-45.9%
3.98
-47.9%
Brazil
2.00
2.35
-14.8%
2.21
-9.2%
Kazakhstan
1.05
0.66
58.6%
0.27
289.7%
Total*
35.82
40.05
-10.6%
45.82
-21.8%
Total* '000 b/d
8.75
9.79
-10.6%
10.83
-19.2%
H1 2022
H1 2021
% change
Saudi Arabia
43.27
43.75
-1.1%
Russia
41.31
39.76
3.9%
Iraq
26.74
26.09
2.5%
Oman
21.03
22.98
-8.5%
UAE
19.43
14.28
36.1%
Angola
17.19
19.93
-13.8%
Kuwait
17.13
14.18
20.8%
Brazil
13.00
16.78
-22.5%
Malaysia
11.08
7.31
51.5%
US
4.89
4.89
-0.1%
Total*
252.52
260.55
-3.1%
Total* '000 b/d
10.23
10.55
-3.1%

* Includes imports from other countries

Source: China's General Administration of Customs

Editor:

Ankit Ajmera