China's crude oil imports from Russia rose by 8.6 percent in April year-on-year, as larger private refining companies began purchasing discounted oil. Total imports from Russia, including shipments made by sea and supplies via pipelines, reached 7.1 million tons or 1.73 million barrels per day, according to customs data released on Saturday. Major private refiners joined smaller independent refiners in a rush for low-priced Russian oil, whether it be ESPO crude loaded from Russia's far east or Urals crude shipped through European ports.
However, imports from Russia in April were still significantly lower than the 2.26 million barrels per day recorded in March, which was an unprecedented level. China's total crude oil imports last month fell 16 percent compared to March. The data showed that total oil imports from Saudi Arabia, primarily consumed by state-owned and major private refineries, amounted to 8.46 million tons or 2.06 million barrels per day, slightly down from 2.1 million barrels per day in March and compared to 2.17 million barrels per day in April last year.
Since the beginning of the year, China's imports of Russian oil have increased by 26.5 percent to 32.4 million tons, surpassing imports from Saudi Arabia, which ranked second with a 2.9 percent increase to 31.28 million tons. Imports from Malaysia remained high at 4.09 million tons, only slightly below 4.56 million tons in March, but significantly higher than 2.165 million tons in April 2022.
