China changed the structure of its oil imports in August, giving preference to supplies eligible for discounts.China’s General Customs Administration said supplies from Russia rose 25.6% compared to July to 2.21 million bpd, or 9.37 million tonnes for the month. These imports were valued at $5.39 billion.
The second biggest oil supplier was Malaysia, which increased exports to China 21.2% compared to July to almost 1.77 million bpd or 7.5 million tonnes for the month. Industry analysts have always seen Malaysia as a stopover for oil from Iran and Venezuela. China spent $4 billion on those supplies in August.
Iraq increased exports to China 43.1% in August to 1.56 million bpd or 6.61 million tonnes for the month, valued at $3.3 billion.Saudi Arabia reduced its exports to China 17.4% to 1.25 million bpd or 5.3 million tonnes for the month, value at $3.3 billion.
China’s overall oil imports in August were 11.56 million bpd, the most so far in 2024. China imported 49.1 million tonnes of oil in August, compared to 42.34 million tonnes in July 2024 and 52.804 million tonnes in August 2023.
Source:https://interfax.com