CHINA DATA: Russian crude imports fall 9% on year to 1.6 mil b/d over Jan-Feb

China's crude imports from Russia fell 9.1% year on year to 12.67 million mt, or 1.6 million b/d, over January-February, data from the General Administration of Customs showed March 20, as independent refineries slowed buying because of narrowing margin and utilization cap amid the Beijing Olympics.

The decline in Russian crude inflows exceeded the 4.9% year-on-year reduction in China's total crude imports during the same period. The trend is likely to persist amid weak refining margin and trade uncertainty due to the Russia-Ukraine war.

Russian inflows to China hit a nine-month low of 1.42 million b/d in February, down 26.1% year on year and more than 25% month on month. Russian volumes were last lower at 1.29 million b/d in May 2021, GAC data showed.

Crude supplies from Russia fell to the second spot in the first two months, behind Saudi Arabia, which delivered 14.61 million mt, or 1.76 million b/d, of crude during the period.

China's Iranian crude inflows in January were at 259,937 mt, or 61,463 b/d, according to the country's official data.

Iranian crude cargoes were likely stored in strategic petroleum reserves by Sinopec in Zhanjiang city, southern Guangdong province, according to Kpler data.

China's top crude suppliers (million mt):

Source: General Administration of Customs

Note: * conversion factor 1 mt = 7.33 barrels