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Saudi Arabia is China's top crude oil supplier in Feb with 1.56 mil b/d shipment

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Platts Global Alert - Oil

Saudi Arabia is China's top crude oil supplier in Feb with 1.56 mil b/d shipment

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Imports from Venezuela surge 98% on year in Feb; Iran up 7%

US crude imports at 86,000 mt in Feb; first cargo in 2019

Singapore — China's crude oil imports from Saudi Arabia surged 28.5% year on year to 1.56 million b/d in February, surpassing Russia to become the top crude supplier in the month, latest data from the General Administration of Customs showed.

Meanwhile, crude shipments from both Venezuela and Iran saw year-on-year increases in February, rising 98.1% and 7.4%, respectively. The healthy inflows helped them to lock their top spots among the leading OPEC suppliers.

Arrivals from Brazil and Iraq also registered strong growths at 66.5% and 78.5%, respectively, compared with the same month last year, part of their efforts to secure outlets in the world's second biggest oil consumer.

In February, China imported its first cargo of US-origin crude oil since December, which was 85,841 mt, according to customs data. The barrels were taken by independent refinery, Hongrun Petrochemical, S&P Global Platts reported previously.

During January-February, China imported 5.93 million b/d of crude oil from OPEC, up 22.9% year on year to expand its market share by 5 percentage points to 58.4%.

However, the volume from North America shrank 86.4% year on year to 49,709 b/d in the first two months due to the sharp drop in US crude arrivals.

China's top crude suppliers in Feb and Jan-Feb
Unit: '000 b/d
Feb-19 Feb-18 % change Jan-19 % change
Saudi Arabia 1,559 1,213 28.5% 1,362 14.4%
Russia 1,504 1,323 13.7% 1,647 -8.7%
Angola 1,160 976 18.8% 1,227 -5.4%
Brazil 1,048 629 66.5% 892 17.5%
Iraq 973 545 78.5% 908 7.2%
Oman 549 840 -34.7% 526 4.3%
Venezuela 532 269 98.1% 411 29.5%
Iran 512 476 7.4% 379 35.2%
Kuwait 355 420 -15.5% 412 -13.7%
Congo 321 107 199.8% 194 65.3%
Total* 10,271 8,444 21.6% 10,071 2.0%
Jan-Feb 2019 Market share Jan-Feb 2018 Market share % Change
Russia 1,579 15.5% 1,320 14.6% 19.6%
Saudi Arabia 1,455 14.3% 1,109 12.3% 31.2%
Angola 1,195 11.8% 1,045 11.6% 14.4%
Brazil 966 9.5% 618 6.8% 56.2%
Iraq 939 9.2% 812 9.0% 15.6%
Oman 537 5.3% 671 7.4% -20.1%
Venezuela 469 4.6% 359 4.0% 30.7%
Iran 442 4.3% 621 6.9% -28.9%
Kuwait 385 3.8% 403 4.5% -4.5%
U.A.E. 324 3.2% 197 2.2% 64.6%
Total* 10,166 100.0% 9,043 100.0% 12.4%
* Include other suppliers
Source: General Administration of Customs (GAC releases data in metric tons, which S&P Global Platts converts to barrels using a 7.33 conversion factor)

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

-- Edited by Norazlina Jumaat, newsdesk@spglobal.com