2019-08-28 12:30:00
IRAN'S OIL FOR CHINA UP
PLATTS - China's crude oil imports from Iran rose 4.7% month on month to 926,119 b/d in July, while the US ranked as the eighth largest crude supplier as shipments surged to a 13-month high of 362,364 b/d, data made available Tuesday by China's General Administration of Customs showed.
GAC releases data in metric tons, which S&P Global Platts converts to barrels using a 7.33 conversion factor.
In metric-ton basis, Iranian inflows rose 8.2% to 926,119 mt from June, but dropped 71.9% year on year.
The month-on-month increase was recorded despite the fact that waivers to US sanctions on Iranian oil ended May 2.
Meanwhile, crude oil imports from the US jumped 45% year on year to 1.53 million mt. This was the first time since August 2018 for the supplier to be in the top 10 list.
Supply from Saudi Arabia, on the other hand, surged 115.9% year on year to 6.99 million mt, or 1.65 million b/d, in July, despite falling from the all-time high of 1.89 million b/d in June.
As a result, the kingdom became the top crude supplier to China in both July and the first seven months of the year.
During January-July, China imported 162.27 million mt of crude from OPEC, up 10.4% year on year.
Supplies from the Middle East and South America also gained 9% and 11.3% year on year during January-July, respectively.
However, volumes from North America plunged 59.8% year on year to 4.2 million mt in the first seven months due to lesser US crude inflows earlier this year.
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Earlier:
2019, August, 26, 15:50:00
U.S., CHINA ESCALATION
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2019, August, 26, 15:40:00
CHINA FOR U.S. OIL: +5%
China has announced a 5% tariff on imported US crude oil in retaliation for US President Donald Trump’s recent escalation of the countries’ trade war.
2019, August, 23, 11:05:00
U.S., UK, AUSTRALIA CAN CLOSE HORMUZ
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2019, August, 14, 12:20:00
CHINA'S OIL THROUGHPUT UP 5.6%
For the first seven months of 2019, Chinese crude throughput rose 5.6% from a year earlier to 369.73 million tonnes, or 12.73 million bpd, the NBS reported.
2019, August, 12, 13:00:00
CHINA'S GDP UP 6.2%
The Chinese economy is facing external headwinds and an uncertain environment. GDP growth slowed to 6.6 percent in 2018, driven by necessary financial regulatory reforms and softening external demand. Growth is projected to moderate to 6.2 percent in 2019 as the planned policy stimulus partially offsets the negative impact from the US tariff hike on US$ 200 billion of Chinese exports. Headline inflation rose due to rising food prices and is expected to remain around 2½ percent.
2019, August, 8, 11:20:00
CHINA'S OIL IMPORTS UP 14%
China's arrivals of crude oil last month were 41.04 million tonnes, equivalent to 9.66 million barrels per day (bpd)
2019, August, 2, 11:45:00
U.S., CHINA TRADE: $300 BLN AGAIN
The US will impose a 10% tariff on the remaining $300 billion worth of Chinese goods September 1, when trade talks between the two countries resume, President Donald Trump said Thursday.
