Jul China Crude Oil Import Stayed at a High Level
In terms of the crude oil origins, in July, China’s top 3 imported crude oil origins were Russia, Iraq and Saudi Arabia, and their proportions were 14.39%, 11.28% and 10.45% respectively. Apart from them, China mainly imported crude oil from Brazil, the U.S., Angola, U.A.E., Oman, Kuwait and Colombia. In July, China’s total crude oil import volume from the ten countries mentioned above reached 40.9 million mt, taking up about 80% of the total import volume.
In early January 2020, China and the U.S. signed contracts about crude oil trade, and from May 2020, China had restarted importing crude oil from the U.S. In July 2020, China’s crude oil import volume from the U.S. surged to 3.6658 million mt, accounting for 76.3% of the China’s total crude oil import volume from the U.S. from January to July 2020.
With the steady revival of China’s economic development, China’s crude oil demand keeps improving. However, the global COVID-19 issue is still severe, and there are many uncertainties in the future global economic development. Considering the tepid global demand and the crude oil output reduction at OPEC member countries, SCI reckons that the future international crude oil prices will continue fluctuating.
