BEIJING / SINGAPORE – Reuters: Saudi Arabia, the world’s largest oil exporter, became the largest supplier of crude to China for the ninth consecutive month in August, as major producers eased production cuts.
Yesterday, Monday, the customs public administration data in China showed that Saudi oil imports were up 53 percent from the previous year to 8.06 million tonnes, equivalent to 1.96 million barrels a day.
This compares to 1.58 million barrels per day in July and 1.24 million barrels per day in August last year.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, within the framework of the OPEC + Group, decided in July to increase production by 0.4 million barrels to ease production cuts and increase production by an additional 2 million barrels a day. Every month from August to December. In July, OPEC production increased by 640,000 barrels per day to 26.66 million barrels per day.
Russia’s crude oil imports were set at 6.53 million tonnes in August, equivalent to 1.59 million barrels a day, compared to 1.56 million barrels a day in July.
There is a big difference behind the Saudi supply due to Beijing’s decision to reduce the import quota of crude oil for independent refiners who want the Russian “ESPO” blend.
Crude imports from Malaysia were 1.75 million tonnes, more than double what they were a year ago, as traders said refineries may have converted Venezuelan heavy oil to bitumen for Malaysian crude after Beijing imposed heavy import taxes on the blend.
Meanwhile, Chinese imports from the United Arab Emirates fell by nearly 40 percent annually, indicating the need for Iranian oil to pass on as other raw materials, including UAE supplies, even after peaking earlier this year.
No official data has been recorded on any imports from Iran or Venezuela since the beginning of the year.