China's crude oil imports from Russia in August surged 28% from a year earlier, official data showed on Tuesday, but it handed back its top supplier ranking to Saudi Arabia for the first time in four months.
Imports of Russian oil, including supplies pumped via the East Siberia Pacific Ocean pipeline and seaborne shipments from Russia's European and Far Eastern ports, totalled 8.342 million tonnes, data from the Chinese General Administration of Customs showed.
Emma Li, China analyst with Vortexa Analytics, said actual Russian supplies are likely on par with Saudi shipments at close to 8.5 million tonnes. Several cargoes of Russian Urals crude were reported as originating in Malaysia, according to ship-tracking data she has compiled. China's purchases from Russia have climbed to reap the benefits of a plunge in European buying as the Ukraine crisis pushes Moscow in search of alternative markets.Still, imports from Saudi Arabia rebounded last month to 8.475 million tonnes, or 1.99 million bpd, 5% above the year ago levels.
China's crude oil imports in August fell 9.4% from a year earlier, as outages at state-run refineries and lower operations at independent plants caused by weak margins capped buying.
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