Saudi crude supply to China down 21.5% on year

London (Quantum Commodity Intelligence) – Saudi Arabia remained the largest supplier of crude into China with 1.69 million bpd, up 7.6% on the month, but down 21.5% year-on-year, according to data from China Customs published Monday.

Saudi was followed by Russia at 1.28 million bpd and Iraq with 1.056 million bpd.

Figures for the two countries were down 16.5% and 2.4% on the month respectively, and 29.5% and 35.6% on the year.

Russian output in May was down on the month but up on the year, but its light, sweet grades have seen increased demand as distillate cracks have improved in recent weeks.

There were no official imports from Iran into China for the fifth month in a row as US-led sanctions talks remain ongoing, although imports from nearby countries rose.

Combined supply from the UAE and Oman was up at 1.547 million bpd though, from 1.312 million bpd in April, with the change to imports from the two countries used by some in the market as a proxy for likely Iranian imports.