Saudi Arabia largest crude supplier to China, Russian shipments decline

Saudi Arabia was China's largest crude oil supplier in the first two months of 2022, with Russian shipments falling 9%, Reuters reported, citing data from China's General Administration of Customs.

Data showed that China's total imports of Saudi crude reached 14.61 million tons in January-February, or 1.81 million barrels per day (bpd), down from 1.86 million bpd in the same period last year.

China's imports from Russia totaled 12.67 million tons in the two months, or 1.57 million bpd, compared with 1.72 million bpd in the same period of 2021.

Demand for Russia's ESPO crude from Chinese independent refineries was hit by Beijing's crackdown on tax evasion and illegal trading of import quotas.

Imports from Russia may decline in March as buyers around the world avoid shipments in the wake of the escalating Ukrainian crisis.