China’s oil imports from Russia decline in Jan
The decline was attributed to a reduction in year-end oil imports by independent refineries in China, which were given quotas by Beijing for directly importing crude. Following Beijing’s move, Russia became China’s top crude supplier, superseding Saudi Arabia in four months in 2015 thanks to smaller cargo sizes and its geographic proximity to China.
Chinese Customs data also showed that imports from Saudi Arabia slipped about 5% on the month to 996,900 bpd in January while imports from Iran declined 12% from a year earlier to 408,100 bpd in January.
Meanwhile, China’s total oil imports fell 4.6% on a yearly basis to 6.3 million bpd while on a monthly basis, imports plunged around 20% from December’s record volume of 7.81 million bpd.
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