CHINA

CHINA -- Imports of Russian crude tumbled by 253,000 b/d from April to 1.29 million b/d in May, their lowest level in more than two years, according to Chinese customs data. Compared to last May, imports this May plunged by 537,000 b/d. The drops are likely due to anemic Chinese demand for May-loading Espo crude, with demand crushed by heavy refinery turnarounds but especially by Chinese market players having loaded up on Iranian and Venezuelan crudes. China’s imports of Oman-origin crudes jumped by 118,000 b/d from April to 980,000 b/d in May, their highest level in six months (PIW May28'21). May volumes leapt by 213,000 b/d from last May. Some Iranian crude is believed to be reflagged as Oman-origin crudes or blended and then exported to China. The May Oman imports easily exceed Oman’s April production of 825,000 b/d, according to Energy Intelligence crude data. April-loading Oman crude would mostly arrive in China in May due to the roughly 20-day voyage time. China's Major Crude Suppliers, May 2021 ('000 b/d) May '21 Apr '21 Vol. Chg. May '20 Vol. Chg. Jan-May '21 Saudi Arabia 1,701 1,581 121 2,167 -466 1,775 Russia 1,286 1,539 -253 1,823 -537 1,607 Iraq 1,061 1,086 -26 1,646 -586 1,097 Oman 980 862 118 767 213 928 Angola 772 763 9 692 81 789 Brazil 648 684 -36 552 96 611 UAE 573 455 119 768 -195 610 Kuwait 554 656 -102 524 30 572 Norway 356 374 -18 61 295 379 US 254 227 27 130 124 329 Others 1,502 1,634 -132 2,213 -712 2,009 Total 9,687 9,861 -174 11,342 -1,655 10,706 Figures have been rounded. Source: Energy Intelligence calculations