China's imports of Saudi crude oil rose by 8.8% in March compared to the previous year, driven by strong demand and the arrival of shipments that were delayed due to congestion at ports. Imports from the UAE also increased significantly, soaring by 86%.
The volume of shipments from Saudi Arabia reached 7.84 million tons, equivalent to 1.85 million barrels per day, according to data from China's General Administration of Customs released on Tuesday, compared to 1.7 million barrels per day a year ago. However, imports slowed down from February when they recorded 1.94 million barrels per day.
Saudi Arabia maintained its position as China's largest crude oil supplier for the seventh consecutive month. The Shandong oil refining ports in China experienced congestion for several weeks in February, which delayed oil arrivals.
Analysts from Refinitiv expect shipments from Saudi Arabia to decline again in April due to voluntary supply cuts of barrels per day and rising prices of Arab light crude in the Asian market.
Customs data also showed an increase in crude oil supplies from Kuwait to 0.6 million barrels per day, representing a 29% increase compared to the previous year. China's imports from the UAE reached 0.71 million barrels last month, an increase of 86% from a year ago. Shipments from Oman increased by 60% from a year ago, reaching 0.86 million barrels per day.
