HomeBusinessSaudi Arabia expands share in China oil market, Russia lags

Saudi Arabia expands share in China oil market, Russia lags

SINGAPORE : Saudi Arabia retained its high rating in Chinese oil provides in 2021, with provides up 3.1per cent over 2020, and elevated its share to 17per cent of complete Chinese imports, customs information confirmed.

China introduced in 87.58 million tonnes of crude oil from the dominion, or an equivalence of 1.75 million barrels-per-day (bpd), information from the General Administration of Customs confirmed on Thursday. That compares to 84.92 million tonnes in 2020, when Saudi Arabia held 16per cent of the Chinese market.

The expanded market share by the highest OPEC exporter got here because it boosted gross sales to nationwide refiners and bolstered by demand from non-public mega refiners Zhejiang Petrochemical Corp and Hengli Petrochemical.

Russia got here in second, rising the hole with Saudi Arabia, as provides contracted 4.7per cent to 79.65 million tonnes, or 1.59 million bpd, weighed down by weaker demand from China’s impartial refiners.

Shipments from Iraq got here in third and fell 10per cent on the 12 months to 54.13 million tonnes.

Graphic: China crude oil imports by origin in 2021: https://fingfx.thomsonreuters.com/gfx/ce/lgvdwjzkopo/ChinaCrudeImportsbyOrigin.png

Brazil dropped to No.7 final 12 months versus No.4 in 2020, with provides down 28per cent to 30.28 million tonnes, additionally as a consequence of lowered urge for food from small impartial crops.

Under a broad marketing campaign to rein in surplus refining capability and reduce carbon emissions, the Chinese authorities final 12 months launched measures equivalent to reducing import quotas and slapping a hefty tax on imports of mixing fuels.

Imports from Oman and Malaysia gained 18per cent and 50per cent, respectively.

Reuters reported shipments from Iran and Venezuela have been handed on as originated from Oman and Malaysia as a consequence of U.S. sanctions.

China’s customs information on Thursday confirmed the nation introduced in its first imports of Iranian crude oil in a 12 months in December regardless of ongoing sanctions by the United States authorities.

Officially, Chinese customs information has constantly not proven any imports from Venezuela.

Thursday’s information confirmed U.S. provides plunged 42per cent to 11.47 million tonnes.

The desk beneath exhibits import particulars by nation, in metric tonnes. Volumes throughout January-December interval and the proportion modifications are calculated by Reuters.

Country December yr/yr per cent Jan-Dec yr/yr per cent

change change

Russia 7,236,537 17.4 79,654,884 -4.7

Saudi 6,623,516 -4.5 87,576,703 3.1

Arabia

Iraq 5,011,624 57.7 54,130,343 -10

Angola 4,036,097 5.5 39,163,873 -6.3

UAE 3,726,237 408.7 33,825,312 8.6

Oman 3,622,215 115.5 44,789,938 18.4

Malaysia 3,051,600 207.6 18,738,138 49.6

Brazil 2,135,524 -0.7 30,280,184 -28.2

Kuwait 1,934,434 -39.2 30,163,604 9.7

United 573,572 -84.1 11,471,883 -41.9

States

Iran 260,312 -49.8 260,312 -93.4

Venezuela N/A N/A N/A N/A

(Reporting by Chen Aizhu and Muyu Xu; Editing by Shounak Dasgupta)

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