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China's imports of Russian crude oil continue to maintain a new high of 2 million barrels per day

Reuters reported on July 6 that imports of Russian crude into mainland China in June will be flat at 5 percent, according to survey data from energy freight analyst Vortexa, energy data provider Kpler SAS and Refinitiv. The record high level of 2 million barrels per day in March, accounting for 15% of the crude oil demand in mainland China, continues to be the main source of crude oil imports in the mainland. Meanwhile, mainland imports of Saudi Arabian crude oil fell to 1.3 million barrels per day, the lowest level in nearly two years. According to the survey, in June, the mainland's seaborne imports of Russian crude oil reached about 1.04-1.15 million barrels per day, compared with a record high of 1.1 million barrels per day in May; Russian crude oil imported through crude oil pipelines reached 880,000 barrels per day. . Russia's oil pipelines to mainland China are mainly the East Siberia-Pacific Oil Pipeline ending in Heilongjiang Province, and the China-Kazakhstan Oil Pipeline via Kazakhstan. Mainland China is the largest crude oil importer and has become the largest export market for Russian crude oil. At the same time, Russia's crude oil exports to India are also growing. According to data from the customs of the two countries, in May, the total imports of Russian crude oil by China and India increased by 1 million barrels per day compared with April. Traders believe that due to higher freight rates and competition from Indian demand, the amount of Russian crude oil imported by the mainland may be suppressed in the next few months, and the mainland's imports of Saudi crude oil are expected to return to pre-pandemic levels later this year.
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