*Latest Chinese import data confirms a June record of 13.00mn b/d, 1.65mn b/d above the previous record set a month earlier. Saudi Arabia supplied a record 2.16mn b/d, fractionally up on May’s previous record (see chart, and data below). This reflects both Saudi Arabia’s record April exports and lengthy unloading delays at Chinese ports. Arrivals are set to fall from recent highs: Kpler data shows Saudi crude loadings for China fell from a record 2.18mn b/d in April to 1.92mn b/d in May and just 1.21mn b/d in June.
*For 1H 2020 Saudi Arabia supplied 1.81mn b/d, up 285,000 b/d or 19% year-on-year, more than twice the increase in China’s imports as a whole (continued heavy buying despite Covid-19 suggests China has been taking advantage of low prices to fill stocks). Saudi 1H gains also outpaced those of number two Russia, up 244,000 b/d (16%) at 1.77mn b/d, including a record 1.95mn b/d for June. On a quarterly basis the Saudi Q2 2020 number of 1.86mn b/d is down slightly on the Q4 2019 record. (CONTINUED - 326 WORDS)
