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|
|Jan-Feb 2019||Market share||Jan-Feb 2018||Market share||% Change|
|* 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)|
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