Oil supplies to China reached a historical maximum

Oil imports into China rose in February by 20% yoy and the volume of daily deliveries was a record for all time of observations, reports Reuters with reference to the fresh customs data.

The first place among exporters for the month, occupied Saudi Arabia, showed the second result in history. In February 2016, it has supplied China with 1.38 million barrels./day, and the record was recorded in February 2012 at a level of 1.39 million barrels./day.

Russia for the year increased exports to China by almost 48%, to 1.03 million barrels./day, finishing in third place behind Angola. The Agency reminds that Russia is increasingly a challenge to Saudi hegemony in the Chinese market and as of November 2014, six times the rounds of the Kingdom on supply, last time in December 2015. Then the average daily imports from Russia amounted to 949,9 thousand barrels per day, and from Saudi Arabia to 886.9 thousand barrels.

In the March report of the International energy Agency stated that China has replaced Russia and Germany as the major importer of oil. Reuters notes that Russia in 2016 will further reduce the gap with the Saudis, thanks to growing demand for mini-refineries, which consume about 1.8 million barrels., which is equivalent to about 20% of imports.

Iran in February has increased oil supplies to China by 1% compared to last year to 538 thousand barrels./day. The largest Asian oil companies, Sinopec and state oil trader Zhuhai Zhenrong signed with Iran the contract for delivery in 2016 505 thousand barrels./day, notes Reuters.