Saudi Arabia remains largest crude oil supplier to China for seventh straight month

Saudi Arabia maintained its position as the biggest supplier of crude oil to China for the seventh month in a row, Reuters reported, citing data from China’s General Administration of Customs.

China’s crude oil imports from Saudi Arabia rose 8.8% in March from a year earlier, driven by strong demand and as shipments delayed due to a port congestion finally arrived.

Shipments from Saudi Arabia were 7.84 million tonnes, equivalent to 1.85 million barrels per day (bpd) versus 1.7 million bpd a year earlier.

The imports, however, slowed from 1.94 million bpd in February.

Shipments from Saudi Arabia are expected to decline in April given a voluntary supply cut of 1 million bpd by the Kingdom and increasing prices of Arab light crude for the Asian market, according to analysts from Refinitiv.

Imports from the United Arab Emirates (UAE) also rose 86% year-on-year (YoY) to 0.71 million bpd last month, and crude oil supplies from Kuwait rose 29% YoY at 0.6 million bpd.