China has cut its imports of Iranian crude oil by 31.23% to 9.02 million
mt (66.12 million barrels) in the first half of 2010 compared with 13.12
million mt in the same 2009 period, according to latest China customs data.
The drop contrasts with a 30% year on year jump to 117.96 million mt
(4.78 million b/d) in China's total crude imports in the first half of the
year.
While Iran remained among China's top 10 crude suppliers during the first
half of the year, it was the only exporter in the group to post a year-on-year
drop in shipments to the Asian giant.
Traders in Asia attributed the drop in imports from Iran to relatively
higher Iranian official selling prices compared with rival Middle East grades
and said the reduction had little to do with sanctions.
China has been under pressure from the United Nations, the US and the
European Union, all of whom have imposed sanctions against Iran as part of an
international effort to force Tehran to end its uranium enrichment program.
The EU and US sanctions specifically target the country's oil and gas
sectors. The EU is set to pass a new set of sanctions against Iran on Monday.
Meanwhile, for the month of June, Iran bounced back to become China's
third largest crude supplier, after slipping to eighth in May, the data
showed. But imports in June were still down on a year on year basis.
Iran supplied 1.73 million mt of crude oil to China in June, down 6.73%
from June 2009, but up 117% from May.
ANGOLA REGAINS TOP SUPPLIER SLOT IN JUNE
Separately, Angola regained its position as being China's top crude oil
supplier in June, pushing Saudi Arabia to the No. 2 position.
Angola supplied 3.74 million mt of crude oil to China in the month under
review, up 24% from June 2009 and up 17.67% from May.
Imports from Saudi Arabia fell 2.09% from May to 3.67 million mt in June,
but were up nearly 25% year on year.
Saudi Arabia and Angola together accounted for one-third of China's total
crude oil imports of 22.27 million mt in June. Crude oil imports in June were
up 25% from May and up a whopping 34% from June 2009.
Venezuela and Iraq were the new entrants in the top-10 suppliers group in
June, replacing Brazil and Congo, the data showed.
Venezuela supplied 1.24 million mt of crude oil to China in June, up
563.55% from June 2009 and up 374.88% from May. Iraqi supplies rose 64.21%
year on year and 255.57% from May to 0.98 million mt.
The other countries in the top-10 group were Sudan, Russia, Kuwait, Oman,
and Kazakhstan.
Angola was also China's largest crude oil supplier in the first half of
2010, supplied 21.70 million mt, up 75.87% from 12.34 million mt supplied in
the same 2009 period, the data showed.
Angola supplies were 6.68% higher than supplies from Saudi Arabia, which
has traditionally been China's largest crude oil supplier.
Saudi Arabia slipped to second position in H1 2010 with supplies at 20.25
million mt, up 11.05% from H1 2009.
CHINA'S TOP CRUDE SUPPLIERS IN JUNE 2010 (TABLE)
Jun'10 May'10 % chg Jun'09 % chg
Angola 3,735,740 3,174,784 17.67 3,013,492 23.97
Saudi Arabia 3,669,202 3,747,390 - 2.09 2,936,465 24.95
Iran 1,732,504 798,462 116.98 1,857,430 - 6.73
Sudan 1,448,318 805,212 79.87 1,467,134 - 1.28
Russia 1,288,372 1,572,859 -18.09 1,422,602 - 9.44
Kuwait 1,258,172 596,009 111.10 524,986 139.66
Venezuela 1,244,442 262,056 374.88 187,542 563.55
Oman 1,092,699 1,621,352 -32.61 773,053 41.35
Iraq 967,770 272,177 255.57 589,346 64.21
Kazakhstan 827,286 821,014 0.76 466,963 77.16
TOTAL* 22,272,468 17,840,357 24.84 16,609,939 34.09
CHINA'S TOP CRUDE SUPPLIERS IN JANUARY-JUNE 2010 (TABLE)
Jan-Jun'10 Jan-Jun'09 % chg
Angola 21,699,669 12,338,468 + 75.87
Saudi Arabia 20,254,280 18,238,841 + 11.05
Iran 9,020,243 13,116,678 - 31.23
Russia 8,694,779 7,606,406 + 14.31
Oman 7,422,162 6,457,309 + 14.94
Sudan 6,630,023 5,961,690 + 11.21
Kuwait 5,022,662 4,056,788 + 23.81
Iraq 5,000,035 2,218,017 +125.43
Kazakhstan 4,917,030 2,478,064 + 98.42
Libya 3,627,540 2,328,649 + 55.78
TOTAL* 117,964,620 90,765,857 + 29.97
Unit: mt (Conversion: 1 mt = 7.35 barrels)
Note: * Total includes supplies from other countries/regions
Source: China's General Administration of Customs
mt (66.12 million barrels) in the first half of 2010 compared with 13.12
million mt in the same 2009 period, according to latest China customs data.
The drop contrasts with a 30% year on year jump to 117.96 million mt
(4.78 million b/d) in China's total crude imports in the first half of the
year.
While Iran remained among China's top 10 crude suppliers during the first
half of the year, it was the only exporter in the group to post a year-on-year
drop in shipments to the Asian giant.
Traders in Asia attributed the drop in imports from Iran to relatively
higher Iranian official selling prices compared with rival Middle East grades
and said the reduction had little to do with sanctions.
China has been under pressure from the United Nations, the US and the
European Union, all of whom have imposed sanctions against Iran as part of an
international effort to force Tehran to end its uranium enrichment program.
The EU and US sanctions specifically target the country's oil and gas
sectors. The EU is set to pass a new set of sanctions against Iran on Monday.
Meanwhile, for the month of June, Iran bounced back to become China's
third largest crude supplier, after slipping to eighth in May, the data
showed. But imports in June were still down on a year on year basis.
Iran supplied 1.73 million mt of crude oil to China in June, down 6.73%
from June 2009, but up 117% from May.
ANGOLA REGAINS TOP SUPPLIER SLOT IN JUNE
Separately, Angola regained its position as being China's top crude oil
supplier in June, pushing Saudi Arabia to the No. 2 position.
Angola supplied 3.74 million mt of crude oil to China in the month under
review, up 24% from June 2009 and up 17.67% from May.
Imports from Saudi Arabia fell 2.09% from May to 3.67 million mt in June,
but were up nearly 25% year on year.
Saudi Arabia and Angola together accounted for one-third of China's total
crude oil imports of 22.27 million mt in June. Crude oil imports in June were
up 25% from May and up a whopping 34% from June 2009.
Venezuela and Iraq were the new entrants in the top-10 suppliers group in
June, replacing Brazil and Congo, the data showed.
Venezuela supplied 1.24 million mt of crude oil to China in June, up
563.55% from June 2009 and up 374.88% from May. Iraqi supplies rose 64.21%
year on year and 255.57% from May to 0.98 million mt.
The other countries in the top-10 group were Sudan, Russia, Kuwait, Oman,
and Kazakhstan.
Angola was also China's largest crude oil supplier in the first half of
2010, supplied 21.70 million mt, up 75.87% from 12.34 million mt supplied in
the same 2009 period, the data showed.
Angola supplies were 6.68% higher than supplies from Saudi Arabia, which
has traditionally been China's largest crude oil supplier.
Saudi Arabia slipped to second position in H1 2010 with supplies at 20.25
million mt, up 11.05% from H1 2009.
CHINA'S TOP CRUDE SUPPLIERS IN JUNE 2010 (TABLE)
Jun'10 May'10 % chg Jun'09 % chg
Angola 3,735,740 3,174,784 17.67 3,013,492 23.97
Saudi Arabia 3,669,202 3,747,390 - 2.09 2,936,465 24.95
Iran 1,732,504 798,462 116.98 1,857,430 - 6.73
Sudan 1,448,318 805,212 79.87 1,467,134 - 1.28
Russia 1,288,372 1,572,859 -18.09 1,422,602 - 9.44
Kuwait 1,258,172 596,009 111.10 524,986 139.66
Venezuela 1,244,442 262,056 374.88 187,542 563.55
Oman 1,092,699 1,621,352 -32.61 773,053 41.35
Iraq 967,770 272,177 255.57 589,346 64.21
Kazakhstan 827,286 821,014 0.76 466,963 77.16
TOTAL* 22,272,468 17,840,357 24.84 16,609,939 34.09
CHINA'S TOP CRUDE SUPPLIERS IN JANUARY-JUNE 2010 (TABLE)
Jan-Jun'10 Jan-Jun'09 % chg
Angola 21,699,669 12,338,468 + 75.87
Saudi Arabia 20,254,280 18,238,841 + 11.05
Iran 9,020,243 13,116,678 - 31.23
Russia 8,694,779 7,606,406 + 14.31
Oman 7,422,162 6,457,309 + 14.94
Sudan 6,630,023 5,961,690 + 11.21
Kuwait 5,022,662 4,056,788 + 23.81
Iraq 5,000,035 2,218,017 +125.43
Kazakhstan 4,917,030 2,478,064 + 98.42
Libya 3,627,540 2,328,649 + 55.78
TOTAL* 117,964,620 90,765,857 + 29.97
Unit: mt (Conversion: 1 mt = 7.35 barrels)
Note: * Total includes supplies from other countries/regions
Source: China's General Administration of Customs
