China likely imported another 2 million barrels per day (bpd) of discounted Russian crude oil in June, after importing about the same amount in May, keeping Russia the top oil supplier ahead of Saudi Arabia for the second consecutive month. .
According to estimates, Russian crude has eliminated some supply from Saudi Arabia and the rest of the Middle East, as well as West Africa, Reuters reported Wednesday, citing data from oil monitoring companies Refinitiv, Vortexa and Kpler.
While record imports of Russian crude continued from May to June, against a backdrop of relatively scarce Chinese imports due to COVID policies, supply from Saudi Arabia is estimated at around 1.3 million bpd in June, which it would represent the lowest volume of Chinese imports from the world's leading crude oil exporter in nearly two years, according to Refinitiv data cited by Reuters.
Imports from Saudi Arabia and Iraq could have slumped by 40% and 30% respectively in June compared to May, according to estimates by Vortexa and Refinitiv. Chinese crude oil imports from Angola are also set to slump in June.
Official Chinese data on crude oil imports by country should be released in the second half of the month.
According to oil tanker tracking data, Russia continues to gain market share in China at the expense of Saudi Arabia as Chinese refineries absorb heavily discounted Russian crude oil.
Meanwhile, we are in full energy crisis, with skyrocketing inflation and we also risk being industrially displaced by China. But we are the good ones, ruled by the good ones …
The article China: Record Russian oil imports at a discount. We …. no comes from ScenariEconomici.it .
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