Import Record: China Refuses to Buy Any Oil Except Russian in August

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China's crude oil imports from Russia rose 25,6 percent month-on-month to a record high in August, as Beijing recorded its highest crude shipments since the start of the year last month, taking advantage of cheaper supplies from Russia.

According to the General Administration of Customs of China, in August the country imported 2,21 million barrels of crude oil per day from Russia. The secret of success is simple – the industry of the Celestial Empire, especially petrochemicals, is experiencing difficulties due to low margins, which is why contracts are concluded only for cheap raw materials. This is exactly what suppliers from Russia are happy to offer.



Of course, the price of sanctioned oil is still higher than the price ceiling set by the G7, but it is much lower than world prices for raw materials. Therefore, the choice for Chinese refineries is obvious, especially if there is a need to increase production margins.

China's second-largest supplier last month was Malaysia, by a wide margin, further supporting assessments that Beijing rushed to buy cheap, discounted oil at a time when international benchmarks rose modestly. Malaysia is seen as a hub for crude from Iran and Venezuela en route to China, which has not shied away from sanctioned, discounted shipments.

Overall, China's crude oil imports jumped to 11,56 million bpd in August, the highest since August 2023 and up sharply from the July low of 9,97 million bpd. However, only sanctioned Russian oil and a few other gray-market supplies from Malaysia were purchased. Chinese buyers turned down other offers.

The August figures came as a surprise to experts, as Beijing is simultaneously showing a jump in oil purchases amid a general sharp decline in demand for oil in the Celestial Empire. Of course, the answer to the puzzle is simple – price, but China’s approach shows that its economy is not in the best condition. Obviously, this is not the last surprise in the behavior of the PRC, which is on the threshold of historical crisis phenomena.
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  1. -3
    24 September 2024 08: 57
    Those. for cheap....
    peremoga
  2. -2
    24 September 2024 09: 16
    Oil in exchange for low-quality beads.

    To what stage of degradation has this formerly great industrial power been brought...
  3. +5
    24 September 2024 10: 30
    Please announce the purchase prices.
    1. +1
      24 September 2024 10: 48
      Trade secret.
      1. +2
        24 September 2024 16: 41
        Where does the money from oil sales go???
    2. +2
      25 September 2024 06: 11
      On the Urals exchange it's 69,85. Probably a discount for China.
  4. +1
    24 September 2024 16: 35
    Well, yes. They will also gladly support the Power of Siberia-2 if Russia supplies them with gas at the domestic price for the Russian Federation. But China is no longer wagging its tail when asked about various territories
  5. The comment was deleted.
  6. -1
    24 September 2024 20: 54
    the news is great, there is a product at a good price and there is a buyer in bulk for a good price... all the money is in the country, now we need to sell every barrel... before the sanctions, more than half of the money remained "there" so that people who think in terms of their city market or second-hand write about some kind of "cheapening"... thanks to China that it exists at all, otherwise they would buy all kinds of consumer goods from Europe for three times the price, there is no need to print about cars or electronics... China, Iran and Korea are our situational friends in this period of time...
    1. +3
      25 September 2024 06: 12
      Do you honestly think that all the money is now returning to the country?
  7. 0
    26 September 2024 07: 17
    Reason to be proud? No. Selling resources is, in fact, at a loss.