Brazil soars to China’s No. 3 crude oil supplier in September By Reuters


© Reuters. Oil tanker is seen at a crude oil terminal in Ningbo Zhoushan port

BEIJING/SINGAPORE (Reuters) – Brazil jumped to China’s third-biggest supplier in September, import data showed on Sunday, as China’s independent refiners scooped up cheap supplies of the South American exporter’s relatively high quality oil.

Imports from Brazil hit 4.49 million tonnes, up from 2.96 million tonnes a year earlier, data from China’s General Administration of Customs showed. Brazil overtook Iraq, which fell to fifth-biggest supplier.

China’s January-September imports from Brazil were 33.69 million tonnes, up 15.6% from a year earlier, according to Reuters calculations based on the data. China makes up 70% of Brazil’s oil exports, the country’s state oil firm Petrobras said in July.

Saudi Arabia regained the top spot in China’s oil purchases last month after losing that rank to Russia for the previous two months, data showed.

Imports from the kingdom were 7.78 million tonnes, equivalent to 1.89 million barrels per day (bpd), up from August’s 1.24 million bpd.

Russia supplied 7.48 million tonnes last month, or 1.82 million bpd, up 18.6% from a year earlier and up 32.8% from August, according to Reuters calculations.

For the first nine months of 2020, Russia remained the top seller with supplies totalling 64.62 million tonnes, 16% above year-ago level. Saudi Arabia trailed at 63.57 million tonnes, which was 6.5% higher on year.

U.S. shipments soared to 3.9 million tonnes in September, versus a year-earlier 517,982 tonnes.

China snapped up 13% more crude in the first nine months than a year earlier, as refiners ramped up production to meet speedy demand recovery from the pandemic and stock up at record rates on cheap oil.

Below are details of imports from key suppliers, with volumes in metric tonnes.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here