|   Economy


  |   Economy


China's imports of Saudi oil surge 95% in May

Saudi remained the top supplier to China, the world's biggest oil buyer.

China posted an all-time high importation of crude oil from Saudi Arabia, surging 95 percent in May from last year as refineries took advantage of the low prices while trying to meet increased demand.

Arrivals from Saudi reached 2.16 million barrels per day (bpd) in May, increasing from 1.11 million bpd in May 2019. It is also 71 percent higher from 1.26 million bpd in April.

Consequently, Saudi remained the top supplier to China, the world's biggest oil buyer.

The country's crude oil imports jumped 19.2 percent in May from last year to its highest monthly level.

Chinese refineries have been increasing crude storage, estimated by energy consultancy Kpler, to reach an all-time high of 782 million barrels by taking advantage of low prices with the pandemic stunting global demand.

China's total capacity 61 percent full.

Last month, China received its first crude cargo from the US since November, of around 550,000 tons.

China is set to import a record amount of US crude oil in July, as purchases made by bargain hunters during April are delivered.

Russian shipments also increased in May to reach 1.82 million bpd from 1.75 million bpd in April and 1.5 million bpd from May last year.

However, China avoided importing from Venezuela, and minimized shipments from Iran were due to US sanctions.

  • Market Data

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.