China’s imports of Saudi crude oil increased in the first half of the year

China's imports of Saudi crude oil increased in the first half of the year

The General Administration of Customs recently released data. Due to the uncertainty of Sino-US trade friction and whether crude oil is subject to tariffs, China imported only 2.12 million tons of crude oil from the United States in the first half of the year, a year-on-year decrease of 76.2%. Among other key importing countries, China’s import of crude oil from Iran was 11.03 million tons, down 30% year-on-year. Affected by the decline in domestic crude oil production in Venezuela, crude oil imported from Venezuela was 8.67 million tons, down 3.6% year-on-year.

In the first half of 2019, China imported 245 million tons of crude oil, 20 million tons more than the same period last year, an increase of 8.8%. Instead, China has increased its imports from other crude oil exporters, mainly from Saudi Arabia and Russia. In the first half of 2019, the total amount of crude oil imported from Saudi Arabia reached 37.76 million tons, an increase of 38.5% year-on-year. The total volume was slightly higher than the import volume of Russia’s 37.69 million tons in the same period. In the same period, crude oil from Russia increased by 4.97 million tons, an increase of 15.2%.

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