According to Oilprice.com, US crude oil exports to China in July increased by 139% year-on-year, as Chinese buyers bought on bargain prices, making the US the fifth-largest oil supplier in key Asian markets.
According to reports, according to the conversion factor of 7.33 barrels per ton of crude oil, the United States exports more than 866,000 barrels of crude oil per day on average. This growth drove China’s total imports from the United States in the first seven months of this year to a 31.5% increase over the same period in 2019, reaching 4.8 million tons, or about 5 million barrels per month on average.
China’s largest crude oil supplier in July was Russia. Russia exported 7.38 million tons of crude oil to China in July, a year-on-year increase of 30.1%. Iraq ranked second, replacing Saudi Arabia, exporting 5.788 tons of crude oil to China in July, a year-on-year increase of 35.7%.
However, Saudi Arabia’s crude oil exports to China, a key market, fell more than 23% last month to 5.36 million tons. Brazil, ranked fifth, became China's fourth largest crude oil supplier in July, exporting approximately 4.59 million tons to China, a year-on-year increase of 27.4%.
US oil exports to China may increase further. Bloomberg reported earlier this month that Chinese state-owned energy companies leased tankers that can carry up to 37 million barrels of crude oil for September shipments. For China, this will be a record high.
Source: Chemical Network
