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Page added on April 24, 2018
Russia still China’s top oil supplier
Russia was China’s largest crude oil supplier in March, data showed on Tuesday, retaining the lead spot for a 13th consecutive month.
Last month, Russia supplied 5.79 million tons, equal to 1.36 million barrels per day (bpd), up 23.6 percent from the same month a year earlier, data from the General Administration of Customs showed.
Russia has been the biggest oil exporter to China since March 2017.
For the first quarter, Russian shipments rose 22 percent from a year earlier to 16.51 million tons, or 1.34 million bpd.
Saudi Arabia, China’s second-biggest supplier in March, also ramped up its exports, the data showed.
Shipments last month were 4.6 million tons, or 1.09 million bpd, up 1.2 percent from a year ago, but down from 1.2 million bpd in February.
The kingdom is expected to catch up in volume later this year as private Chinese chemical producer Hengli Group will start trial runs in October at a greenfield refinery in Northeast China. The plant can process up to 400,000 bpd and is geared to use Saudi oil.
China’s total crude oil imports in March rose to the second-highest on record at 9.2 million bpd, boosted by ample government quotas and healthy refining margins. At the same time, the country exported a record amount of refined fuel to ease a domestic surplus.
March crude oil arrivals from Angola, China’s third-biggest supplier, fell 12.5 percent from a year ago to 4.08 million tons, or 961,810 bpd. Supplies for the first quarter fell 2.9 percent to about 1 million bpd, the data showed.
Overall, the country imported 112.1 million tons of crude during the first three months, or about 9.1 million bpd.
The hefty first quarter purchases caused a backlog of cargoes off the coast of East China in late March. Imports next month may slow as Chinese refineries enter the peak maintenance season starting from April.
The US shipped 973,758 tons of crude oil in March, with first quarter volumes amounting to 3.9 million tons, or 315,475 bpd.
12 Comments on "Russia still China’s top oil supplier"
rockman on Tue, 24th Apr 2018 11:27 am
One reason is that there is little trade deficit between the two countries. A key element in China trading in yuan instead of US dollars. For Russia it helps it break away from EU imports which would tend to nullify much of the potential future trade sanctions. From https://www.rt.com/business/415692-russia-china-trade-turnover/
“Trade turnover between Russia and China has increased by 20.8 percent year-on-year, reaching $84.07 billion in 2017. The two major partners have recently set a goal to boost trade to $80 billion by 2018 and $200 billion by 2020. Chinese exports to Russia grew by 14.8 percent, to $42.88 billion; according to data from China’s General Administration of Customs. Chinese imports of Russian goods increased by almost 28 percent, to more than $40 billion.
Sino-Russian trade growth is “visible and sound,” according to Russian President Vladimir Putin. While meeting with China’s Prime Minister Li Keqiang in November, Putin said Moscow and Beijing have established strong link “fully corresponding to the level of our strategic partnership. The sides have been steadily expanding economic cooperation and will make additional efforts to increase trade to $200 billion in the coming years, said Russian Prime Minister Dmitry Medvedev. He added that preferential trade rules between the countries are being considered, which would increase the use of the ruble and yuan in settlements.”
makati1 on Tue, 24th Apr 2018 6:41 pm
rockman, you have the clear picture.
deadly on Tue, 24th Apr 2018 7:11 pm
Russia has something China wants and China has something Russia wants. They’re willing to make a deal, trade something for something, quid pro quo. Fungible stuff. lol
Probably caribou hides. Several years ago now, all of the deer hides that were harvested in my area all went to China.
China evidently wanted them, deer hides are worth more than my sorry worthless hide. lol
America doesn’t have to be involved and doesn’t really have to know.
You’ll have free trade.
rockman on Wed, 25th Apr 2018 10:04 am
Mak – Easy enough to get a clear picture with the Internet. Had no idea of the trade dynamics between Russia ad China. A few mouse clicks and I’m a freaking expert. LOL.
Anonymouse1 on Wed, 25th Apr 2018 12:33 pm
Narrativeman blurts this out…
“Have no idea, A few mouse clicks and I’m a freaking expert. LOL.”
That may be the most, or, possibly, the only truthful statement you have ever made here.
Boat on Wed, 25th Apr 2018 12:43 pm
Amouse,
Learn to click and join the informed. The more you click the more you learn. A non clicker will sound like you. Lost with an attitude. A hater instead of an informer.
Davy on Wed, 25th Apr 2018 1:15 pm
Weasel, rockman is so far ahead of you intellectually I would expect that kind of comment out of you. Of course any legitimate comment on oil issues you don’t even touch with Rockman because he slaps you silly.
Anonymous on Wed, 25th Apr 2018 1:33 pm
Country A supplier of country B stories are silly. Crude is relatively fungible. More important are total demand and total supply.
MASTERMIND on Wed, 25th Apr 2018 1:36 pm
There is NO WAY we can offset those kinds of energy decline. I mean NO CHANCE, ZERO, NONE.
https://imgur.com/a/VFlpH2t#0maF1pW
https://www.scribd.com/document/367688629/HSBC-Peak-Oil-Report-2017
MASTERMIND on Wed, 25th Apr 2018 1:38 pm
Davy
You don’t start sentences with ‘of”..Now go back to doing what you do best! Pitching manure and beating your kids/wife….
rockman on Thu, 26th Apr 2018 11:42 am
The Rockman has repeatedly pointed out that he has little background in many of the areas we touch on here. But loves to search the Internet for FACTS. Which is why the Rockman posts many more links to those facts then his opinions on various subjects. One can disagree with someone’s opinions. But FACTS are difficult to argue against. Which is why most of the negative replies to the Rockman’s post attack the messenger but not the message.
Which the Rockman actually enjoys since it gives greater validity to his message IMHO.
fmr-paultard on Thu, 26th Apr 2018 11:58 am
anontard not sure what your beef with supertard is all about…