Russia held its position as the top seller of crude oil to China in November while Saudi Arabia overtook Malaysia as the second biggest supplier due to lower-priced Middle East oil, official data showed on Friday.
Volumes from Russia – including pipeline and seaborne supplies – fell 4% from a year earlier to 8.64 million tons, or 2.1 million barrels per day (bpd), according to China’s General Administration of Customs.
Saudi Arabia shipped 6.96 million tons of crude to China, up 5% on the year, while Malaysia, a trans-shipment hub for sanctioned oil from Venezuela and Iran, slipped to third place despite supplies rising 72% on the year to 6.74 million tons. That was, however, down from 7.51 million tons in October due to narrowing discounts for Iranian oil.
China’s crude imports increased in November for the first time in seven months because of lower prices and additions to the national oil reserve.
For the first 11 months of the year, imports from Russia rose 2% to 99.09 million tons, comprising 20% of China’s crude imports.
Saudi Arabia was the second-largest supplier over the period, sending 72.27 million tons, although that was 10% lower than in the same period of 2023.
Malaysia, with 27% year-on-year growth, was the third-largest supplier over the 11-month period.
No oil imports from Iran or Venezuela were recorded in the November customs data.
Source: Reuters (Reporting by Colleen Howe; Editing by Kirsten Donovan)
