China’s crude oil imports from Russia rebound in March; imports from Malaysia surge

Imports from top supplier Russia – including via pipelines and tankers – rebounded in March after a fall in the January-February period triggered by toughest-ever US sanctions that disrupted oil flows.

Russian oil arrivals totalled 8.85 million metric tons last month, or 2.08 million barrels per day, up from 1.91 million bpd during the Jan-Feb period but down from the 2.55 million bpd notched a year ago, Chinese customs data showed on Sunday.

Deliveries of Russian oil recovered as non-sanctioned tankers joined the transport lured by surging freight rates.

Imports from Malaysia, the top trans-shipment hub for sanctioned Iranian oil, leapt 84% on the year to 8.75 million tons, or 2.06 million bpd.

China’s total crude oil imports rose 5% in March over a year earlier driven by a surge of Iranian oil.

Saudi Arabia fell behind Russia and Malaysia to the third-largest supplier, despite shipments growing 34% year-on-year to 8.45 million tons, or 1.99 million bpd.

Customs did not record imports from Iran. There was 0.15 million tonnes imported from Venezuela.