Brazil climbed to number three among China’s crude oil suppliers last month thanks to continued purchases by independent refiners, whose quotas for imported crude oil are running out.
Imports of Brazilian crude oil translates into an average daily purchase rate of close to 1.1 million barrels, based on a conversion factor of 7.33 barrels to the ton. This compares with 2.96 million tons, or 723,000 bpd, a year earlier.
The January-September total of Brazilian oil exports to China stood at 33.69 million tons, which equaled about 915,000 bpd. This was a 15.6% increase on the year, Reuters said, based on its own calculations.
China’s total imports during the first nine months of the year jumped by 13% despite the pandemic as refiners gobbled up dirt cheap crude oil from wherever they could.
Russia is the biggest supplier of crude to Asia’s now largest economy for most of that time. It enjoyed a 16% increase in exports to China. The country’s number-two supplier, Saudi Arabia, recorded a 6.5% increase on the year during the nine-month period.
Oil Price.com / ABC Flash Point News 2020.