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China receives less oil supplies from Saudi Arabia, Russia in March

China receives less oil supplies from Saudi Arabia, Russia in March

Chinese oil imports from Saudi Arabia and Russia dropped respectively by 13% and 14% year-on-year (YoY) in March, Reuters reported on April 20th, citing Chinese data.

Saudi crude oil exports to Beijing declined to 1.61 million barrels per day (mmbbl/d) in March, from 1.85 mmbbl/d a year earlier.

Russian oil supplies to China also went down to 1.5 mmbbl/d in March, from 1.75 mmbbl/d in the same month last year.

Moreover, Iranian oil exports to China were suspended in March, after 700,000 bpd were shipped in Janaury.

It is worth noting that the Organization of Petroleum Exporting Countries and allies (OPEC+), which includes Russia, produced 1.45 mmbbl/d below its output target in March.

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