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Saudi Arabia, the UAE and Iraq boosted their crude oil shipments to China last month, strengthening their share of a market that Russia has pushed into following the invasion of Ukraine.
The Middle East producers loaded almost 4 million barrels a day of crude for Chinese buyers in October. With some tankers yet to reveal their destinations, it’s possible the final figure will be revised up.
Russia has been racing to identify non-European markets for its crude this year after the 27-nation EU announced it would ban most seaborne purchases from the country in retaliation for its invasion of Ukraine. Since April, China’s total crude imports from Russia jumped about 20% year on year, customs data show.
So-far-published tanker trackers compiled by Bloomberg for October stand at nearly 38 million barrels a day, up by about 491,000 barrels a day from September.
Oil prices have rallied slightly after the Organization of Petroleum Exporting Countries and its allies pledged to cut oil production.
Russia, a key member of the OPEC+ alliance and under pressure from western sanctions, boosted shipments from its far east. It also started using the Northern Sea Route to get oil from the Arctic to China.
