- Top 10 suppliers take 89% of market share in Oct
- Imports from Saudi Arabia jump 20% on year
- Russian arrivals up 1.3% on year
Chinese crude buyers replied more on their regular suppliers in October as they slashed imports of the barrels….., says an article published on S&P global website.
China cut crude imports
Chinese crude buyers replied more on their regular suppliers in October as they slashed imports of the barrels, data from General Administration of Customs showed Nov. 23.
The country sources its crude from over 30 different suppliers for energy security reasons.
But this number fell below the mark to 28 again in October this year. The first time it dropped below 30 was in June, when it reached 25.
“As the country cut crude imports and has consumed its own inventory in the last few months, Chinese buyers rely more on their regular suppliers, resulting in the concentration,” one Singapore-based analyst said.
China’s crude imports slumped 11% from September to a 39-month low of 8.94 million b/d in October as both state-owned and private refineries slowed down buying.
China’s top crude oil suppliers
As a result, crude imports from the top 10 suppliers accounted for 88.5% of China’s total inflows in October, against 78.7% in the same month of last year and 86.2% in September, according to the latest GAC data.
Led by Saudi Arabia, Middle Eastern producers’ market share jumped to 53% in October from 48% a year ago, despite falling from 55% in September.
As the top crude supplier, Saudi Arabia delivered 7.09 million mt of crude in October, representing an almost 20% year-on-year jump, despite dropping 11% from September.
This brought crude imports from Middle East to edge up 0.2% year on year to 213.3 million mt in the first 10 months of the year, against a 7.2% decrease in China’s total crude inflows in the same period of last year. It also boosted the oil-rich region’s market share to 50.2% in January-October from 46.5% a year ago.
Meanwhile, supported by healthy imports from Russia, European suppliers grabbed 21% of market share, rising from 19% from the previous month and October 2020.
Crude arrivals from Russia stood at 6.64 million mt in last month, rising 1.3% year on year and 8.2% from September.
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Source: S&P global
