On Sunday, data from the General Administration of Customs showed, China’s import of crude oil from Saudi Arabia in June 2020, soared by 15% from a year ago with Beijing import record amounts of the fuel when prices are low.
Imports from Saudi Arabia rose to 8.88 million tonnes in June, equivalent to 2.16 million bpd, in June, according to the data. Although this is in line with May’s volumes, but way above the 1.89 million bpd in comparison to the same period for the previous year.
The development comes at a time when many factories in the country are not fully operation, meaning this is likely to be a stock piling operation.
According to customs data, China, the world’s biggest crude oil importer, imported a record 53.18 million tonnes in June 2020.
China also boosted inflows from Norway, Brazil, and Angola, said Emma Li, analyst from Refinitiv.
Brazil was quick to offer competitive deals on its relatively high-quality oil with many Asian countries reopening their economies.
According to analysts, China’s import of crude oil is likely to continue in July since some May-loading cargoes are still underway while swelling oil inventory at major Chinese ports slows new arrivals.