China’s imports of Saudi oil leap 38% in April

Oil tankers

China's imports of Saudi crude oil surged 38% year-on-year (YoY) in April, the highest monthly level since May 2020, Reuters reported, citing data from the Chinese General Administration of Customs.

Saudi shipments reached 8.93 million tons last month, which is equivalent to 2.17 million barrels per day (bpd), as purchases amounted to 1.61 million bpd in March.

Imports from second-largest supplier Russia rose 4% YoY in April, with cargoes booked before western governments toughened sanctions over Russia's invasion of Ukraine in late February.

Russian oil arrivals amounted to 6.55 million tons in April, which is equivalent to 1.59 million bpd, rising from 1.5 million bpd in March.

Last month, China's overall crude oil imports grew nearly 7% YoY, its first increase in three months, although the COVID-19 lockdowns weighed on fuel demand and refinery output.