Saudi Arabia’s supply of oil to China has soared 38 percent in April, hitting the highest monthly volume since May 2020.
Saudi oil supply amounted to 8.93 million tons last month, equivalent to 2.17 million barrels per day, according to data from the Chinese General Administration of Customs.
The hefty purchases, with trades completed mostly in February, compare with 1.61 million bpd in March and 1.57 million bpd a year earlier.
Imports from second-largest supplier Russia rose a more modest 4 percent last month from a year earlier, with cargoes booked before western governments toughened sanctions over Russia’s invasion of Ukraine in late February.
Russian oil arrivals in April totaled 6.55 million tons, or 1.59 million bpd, data showed, up slightly from 1.5 million bpd in March and 1.53 million bpd a year earlier.
China’s overall crude oil imports last month rose nearly 7 percent on the year, its first rise in three months, although widespread COVID-19 lockdowns crimped fuel demand and dampened refinery output.
Friday’s data showed zero imports in April from Iran. However, customs next month is likely to report for May the import of nearly 2 million barrels of Iranian oil that was being discharged this week into a reserve base in south China.
Despite US sanctions on Iran, China has kept taking Iranian oil passed off as supplies from other countries. The import levels are roughly equivalent to 7 percent of China’s total crude oil imports.
Iranian oil, often priced lower than competing grades, have squeezed out rival supplies such as from Brazil and West Africa.