21.08.2023, 16:42
China sharply reduced purchases of Russian oil
Source: OREANDA-NEWS
OREANDA-NEWS In July, China sharply reduced oil purchases from its key exporters, including Russia. Interfax writes about this with reference to the data of the Main Customs Administration of the People's Republic of China.
The volume of Russian oil supplies to China in the past amounted to 8.07 million tons, a decrease of 23.2 percent compared to June. Average daily exports amounted to 260 thousand tons, or 1.9 million barrels, compared with a record 2.56 million barrels per day in June. In monetary terms, exports for the month decreased from 5,226 to 4,069 billion dollars, while the average cost of a barrel of Russian oil in July increased from 68.18 to 69.11 dollars.
Despite the reduction in volumes, Russia remained the largest supplier of oil to China in July. At the same time, Beijing also reduced purchases from the second largest seller, Saudi Arabia, to 5.65 million tons, by 28.4 percent compared to July. In general, China's oil imports last month decreased by 16.1 percent, to 43.69 million tons, against the background of record purchases in the previous two months, when the country was increasing commercial fuel reserves. In addition to Russia and Saudi Arabia, shipments also decreased from Malaysia (by 1.6 times), the UAE (by 13.8 percent) and Brazil (by 18.6 percent). At the same time, countries such as Iraq, Oman, Angola and Kuwait were able to increase their oil exports to China.
Earlier, Bloomberg, citing data from the analytical company Kpler, reported that in August China increased purchases of Iranian oil to 1.5 million barrels per day, which was a record volume over the past 10 years. Since the end of June, the value of the benchmark Brent brand has risen by 20 percent, so China began to increase purchases of raw materials sold at a discount. According to traders, the two main Iranian grades are now trading at a discount of more than $ 10 per barrel against Brent. In addition, the prices of Iranian manufacturers are much lower than those of their competitors from Russia.
The volume of Russian oil supplies to China in the past amounted to 8.07 million tons, a decrease of 23.2 percent compared to June. Average daily exports amounted to 260 thousand tons, or 1.9 million barrels, compared with a record 2.56 million barrels per day in June. In monetary terms, exports for the month decreased from 5,226 to 4,069 billion dollars, while the average cost of a barrel of Russian oil in July increased from 68.18 to 69.11 dollars.
Despite the reduction in volumes, Russia remained the largest supplier of oil to China in July. At the same time, Beijing also reduced purchases from the second largest seller, Saudi Arabia, to 5.65 million tons, by 28.4 percent compared to July. In general, China's oil imports last month decreased by 16.1 percent, to 43.69 million tons, against the background of record purchases in the previous two months, when the country was increasing commercial fuel reserves. In addition to Russia and Saudi Arabia, shipments also decreased from Malaysia (by 1.6 times), the UAE (by 13.8 percent) and Brazil (by 18.6 percent). At the same time, countries such as Iraq, Oman, Angola and Kuwait were able to increase their oil exports to China.
Earlier, Bloomberg, citing data from the analytical company Kpler, reported that in August China increased purchases of Iranian oil to 1.5 million barrels per day, which was a record volume over the past 10 years. Since the end of June, the value of the benchmark Brent brand has risen by 20 percent, so China began to increase purchases of raw materials sold at a discount. According to traders, the two main Iranian grades are now trading at a discount of more than $ 10 per barrel against Brent. In addition, the prices of Iranian manufacturers are much lower than those of their competitors from Russia.
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