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Saudi Arabia is China's top oil supplier for 8th straight month

Saudi Aramco's CEO Amin Nasser said China's energy security will be the highest priority for the company for the next half century at least

Saudi Arabia is China's top oil supplier for 8th straight month

Beijing, July 22 - Neftegaz.RU. Saudi Arabia was China’s biggest crude oil supplier in June for the 8th consecutive month, customs data showed, while shipments from UAE and Kuwait fell further, possibly signalling slower imports of Iranian oil.

Arrivals of Saudi Arabian crude oil reached 7.2 million tonnes last month, equivalent to 1.75 million barrels per day (bpd), according to data from the General Administration of Customs in China.
Shipments from Russia were 6.65 million tonnes or 1.62 million bpd.

China slowed crude oil purchases in the 2nd quarter amid rising global oil prices and shrinking refining margins.
Its imports in the 1st half fell for the 1st time year-on-year since 2013.

Spot premiums for Russian ESPO crude, a China-focused grade, dropped to the lowest since April following muted demand from Chinese independent refiners whose buying appetite was cooled by factors including crude oil import quotas, government investigations, and high oil prices.

The customs data also showed that China’s imports of crude oil from the UAE and Kuwait fell 32% and 23% respectively last month from a year ago.
Reuters has reported that Iran has sold record amounts of oil since late 2020, disguised as crude oil from other origins that included the UAE.

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