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China Snagged 13% More Oil This Year Compared to September 2019. Brazil Even Surpassed Iraq in Supply to the Eastern Country, According to Official Data
(Reuters) – Brazil jumped to the third largest supplier of crude oil to China in September, import data showed on Sunday, as China’s independent refineries secured cheap supplies of relatively high-quality oil from Brazilian national production.
Brazil’s imports reached 4.49 million tons, compared to 2.96 million tons a year earlier, according to data from the General Administration of Customs of China. Brazil surpassed Iraq, which fell to the fifth largest supplier.
China’s imports from Brazil from January to September totaled 33.69 million tons, an increase of 15.6% compared to the previous year, according to Reuters calculations based on the data. China accounts for 70% of Brazil’s oil exports, state-owned Petrobras said in July.
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Saudi Arabia regained the top spot in China’s oil purchases last month, after losing that ranking to Russia in the previous two months, data showed. Imports from the kingdom were 7.78 million tons, equivalent to 1.89 million barrels per day (bpd), compared to 1.24 million bpd in August.
Russia supplied 7.48 million tons last month, or 1.82 million bpd, an increase of 18.6% from the previous year and 32.8% from August, according to Reuters calculations.
During the first nine months of 2020, Russia remained the largest seller with supplies totaling 64.62 million tons, 16% above the previous year’s level. Saudi Arabia accounted for 63.57 million tons, 6.5% more for the year.
U.S. shipments increased to 3.9 million tons in September, compared to 517,982 tons a year earlier.
China snagged 13% more oil in the first nine months than in the previous year, as refiners ramped up production to meet the rapid recovery in pandemic demand and increased cheap oil stocks at record rates.
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