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China's Oct crude oil imports revised down to 9.2 mil b/d from 9.7 mil b/d

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China's Oct crude oil imports revised down to 9.2 mil b/d from 9.7 mil b/d

Singapore — China's crude oil imports from the US fell to zero in October for the first time since February 2017, latest data released by the General Administration of Customs showed.

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The country's crude imports from Iran dropped 64% year on year to 1.05 million mt or 248,000 b/d in the month, the data released this week showed.

Imports from Russia rose 58% over the same period to 7.35 million mt or 1.74 million b/d, China's highest monthly import volume on record from a single producer.

That volume was also 54% higher than imports from second-largest supplier Saudi Arabia in October. The OPEC leading producer sent 4.77 million mt to China in the month, up 3.4% on year.

GAC revised down its crude oil imports data for October to 38.88 million mt from the initial 40.8 million mt total released November 8. It did not indicate the reason for the revision.

Accordingly, it revised China's crude imports over January-October to 375.25 million mt or 9.05 million b/d, from 9.09 million b/d on November 8.

CHINA'S TOP CRUDE SUPPLIERS IN OCTOBER ('000 MT)

Country Oct-18 Oct-17 % change Sep-18 % change
Russia 1,737 1,099 58.0% 1,663 4.4%
Saudi Arabia 1,128 1,091 3.4% 925 22.0%
Iraq 1,097 626 75.1% 897 22.3%
Angola 990 843 17.4% 883 12.2%
Brazil 727 270 169.6% 645 12.7%
Oman 678 337 101.0% 739 -8.2%
Kuwait 387 441 -12.2% 523 -26.0%
UAE 253 158 60.6% 444 -43.0%
UK 253 152 65.9% 83 205.3%
Iran 248 688 -63.9% 521 -52.3%
Total* 9,194 7,337 25.3% 9,092 1.1%
Total* '000 b/d 9,194 7,337 25.3% 9,092 1.1%

CHINA'S TOP CRUDE SUPPLIERS IN JANUARY TO OCTOBER ('000 MT)

Country Jan-Oct 2018 Market share Jan-Oct 2018 Market share % Change
Russia 57,906 15.4% 49,645 14.2% 16.6%
Saudi Arabia 43,206 11.5% 43,134 12.4% 0.2%
Angola 39,179 10.4% 43,456 12.4% -9.8%
Iraq 36,885 9.8% 30,744 8.8% 20.0%
Oman 27,595 7.4% 25,718 7.4% 7.3%
Brazil 25,827 6.9% 19,098 5.5% 35.2%
Iran 25,536 6.8% 26,431 7.6% -3.4%
Kuwait 19,740 5.3% 14,364 4.1% 37.4%
Venezuela 14,339 3.8% 18,114 5.2% -20.8%
United States 12,143 3.2% 5,634 1.6% 115.5%
Total* 375,248 100.0% 349,225 100.0% 7.5%
Total* (b/d) 9,048 100.0% 8,420 100.0% 7.5%

Source: GAC

-- Oceana Zhou, oceana.zhou@spglobal.com

-- Edited by Wendy Wells, newsdesk@spglobal.com

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