SINGAPORE: China’s crude oil imports from top supplier Russia fell in July by 7.4% from a year earlier, official data showed on Tuesday, in line with a broad decline in Chinese refiners’ purchases that were curbed by tepid fuel demand at home.
Russian oil arrivals, including via pipelines and shipments, totalled 7.46 million metric tons last month, or 1.76 million barrels per day (bpd), according to data from the General Administration of Customs.
That compared with June’s 2.05 million bpd and 1.9 million bpd in July 2023.
Total shipments in July into the world’s largest crude oil importer fell to their lowest since September 2022 as weak processing margins and low fuel demand curbed operations at state-run and independent refineries.
Shipments from No. 2 supplier Saudi Arabia totalled 6.41 million tons, or 1.51 million bpd, up 13% from a year earlier.
Year-to-date volumes from the top producer in the Organization of the Petroleum Exporting Countries were 46.79 million tons, or 1.6 million bpd, down 10% year-on-year, the data showed.
That trailed behind Russian supply of 62.58 million tons, or 2.14 million bpd, during the same period, up 3% on the year.
Imports from Malaysia, a major transshipment hub for sanctioned oil from Iran and Venezuela, surged 61% on the year to 6.21 million tons, or 1.46 million bpd, keeping the country as the third-largest supplier for July.
Oil ticks down on easing geopolitical risks, weak China demand
Imports from Malaysia totalled 35.68 million tons for the first seven months of the year, an increase of 21% year-on-year.
China did not record any imports from Iran or Venezuela last month.
Shipments from the US increased 53% year-on-year in July at 240,000 bpd.
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