China's Imports Of Saudi Crude Rose 15% in June

China's imports of Crude oil from Saudi Arabia rose 15 per cent year on year in June. When oil prices fell sharply in March and April, Saudi Arabia's position as China's top crude supplier was cemented by large-scale purchases by domestic refineries.

China imported 8.88 million tons, or 2.16 million barrels per day, of Saudi crude oil in June, close to May's level and well above 1.89 million barrels per day in the same month last year, customs data showed.

Oil prices fell sharply in March and April as Saudi Arabia and Russia fought a price war and coVID-19 hit fuel demand, leading to a global supply glut.

China imported 7.98 million tons, or 1.95 million BPD, of Russian crude oil in June, up about 7 percent from 1.82 million BPD in May and up nearly 13 percent from 1.73 million BPD in the same period last year.

However, Saudi Arabia slashed production and raised crude prices in June as plummeting prices hit its budget.

China imported 53.18 million tons of crude oil in June, with imports from Brazil, Norway and Angola all rising, according to customs data.

Analysts expect China's imports to continue to record in July as some shipments in May are still on the way and surging inventories at the country's main ports will slow future imports to Hong Kong.

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