Russia has become China's largest monthly crude oil import source in May and June, and the monthly average monthly price of crude oil imports in the country is significantly lower than Saudi Arabia.
According to Caixin.com, the latest data from the General Administration of Customs of China shows that China imported 7.286 million tons from Russia in June, about 1.78 million barrels per day, an increase of 9.5%year -on -year.Russia's imported crude oil reached 8.419 million tons.About 1.991 million barrels per day, an increase of 54.8%year -on -year.
At the same time, Saudi Arabia is also turning more crude oil to Europe.In June and May, China imported from Russia 44%and 7.7%more than Saudi Arabia, respectively, and the overtaking range was wide.
It is reported that under normal circumstances, the price of China from Russia and Saudi crude oil is not much different, but since April after the Russian -Ukraine conflict, the monthly import price difference between the two countries is increasing.In June of this year, the average price of Russian oil imported in China was $ 94.6 per barrel (below, about S $ 131.28), which was 18.8%lower than Saudi Arabia's $ 116.6 US dollars per barrel.The price was $ 94.7 per barrel, US $ 99.9, which was 14.3%and 9.2%lower than Saudi Arabia.
But from the perspective of the total imports in the first half of the year, Saudi Arabia is still China's largest crude oil importer.According to data from the General Administration of Customs of China, in the first half of the year, China ’s imported crude oil was 253 million tons, a year -on -year decrease of 3.1%; the total amount reached 181 billion US dollars, a year -on -year increase of 54%;The year -on -year increased by 57%.
From the beginning of the year to the present, China ’s total imports from Russia were 41.32 million tons, an increase of about 4%year -on -year, accounting for 16.4%of the total imports;The year -on -year decreased by 1%, still accounting for 17.1%of the total imports.
Over the years, Saudi Arabia and Russia are the top two sources of imported oil in China. Most of the time, Saudi Arabia is the head of Saudi Arabia.Since 2015, Russia has only become the largest source of monthly crude oil imports in China several times.
According to the analysis of Golden Lianchuang of the commodity information agency, international oil prices continue to maintain a high -level operation in May, but Russia has a great advantage in the sanctions from Western countries, which has attracted China, which has attracted ChinaThe crude oil importer lowered the overall import price at the same time.
However, in June, due to the recovery of downstream terminal fuel demand, it was still less than expected. The total imports of Chinese crude oil fell to the low point since this year, only 35.82 million tons, a year -on -year decrease of 10.6%, and a decrease of 22%month -on -month.
Cinda Securities reported on Thursday (July 21) that Russia's oil exports in June also fell to the lowest level in the past year, a daily of 7.4 million barrels, a decrease of 2.6%from May, and 2021The lowest level since August.Since Russia and Ukraine's conflict, although Russian oil trade has unchanged to the Asian market, the amount of transfer to the East market is not as declining to the Western market, so the overall oil exports have continued to decline.
With the continuous increase of the EU sanctions against Russia, the EU's sixth round of sanctions on Russia officially took effect on June 3, sanctions covering Russia's crude oil and refined oil.8 months of transition period.In addition, the European Union and British companies are prohibited from providing insurance and reinsurance for transportation of Russian crude oil and refined oil.
Cinda Securities believes that it is difficult for Asia to allocate the amount of oil transferred from European crude oil.It is mainly based on the long -term decentralized crude oil import structure in China and India, as well as the problems of infrastructure construction such as pipelines, ports, docks, and ships, as well as ship insurance, financing payment methods, high transportation costs and reputation risks.
The sources of imports of Chinese crude oil are relatively diverse. Except for Saudi Arabia and Russia, the proportion of crude oil imports from Iraq, Angola, Brazil, and the United States in the first half of the year accounted for 10.5%, 6.8%, 5.1%, and 1.7%, respectively.
