According to the Chinese customs data, China's crude oil imports from Saudi rose to 1.12 million barrels per day in December, the fourth highest on record on a daily basis as the world's top oil exporter pumped just under the 10 million barrel per day mark.
Data from the China General Administration of Customs showed that China bought Saudi imports were a touch below November's 1.17 million barrel per day.
The record was 9.56% more crude oil from the kingdom last month versus December 2010 and wound up the whole of 2011 with 12.6% growth at 50.28 million tonnes or 1.01 million barrels per day. That would leave Saudi supplying nearly 20% of total crude oil imports at about 5.08 million barrel per day into China, the world's second largest crude buyer after the United States.
The December Saudi imports were a touch below November's 1.17 million barrels per day. The record was set in December 2009 at 1.18 million barrels per day and the third highest in July 2009 at 1.15 million barrels per day.
Gulf based sources said that the world's top oil exporter was pumping just under record rates of 10 million barrels per day earlier this month after a record rate in November at 10.047 million barrels per day.
Imports from Iran, China's third largest supplier jumped 41% in December over a year earlier at 2.43 million tonnes or 572,000 barrels per day. For the whole of last year, China's Iranian oil imports rose 30% to 27.76 million tonnes or about 555,200 barrels per day putting China firmly on the top spot of Iran's global crude oil clients.
China, however has scaled back imports in the first two months of this year as two sides have yet to agree on the main terms for the 2012 contract. China's crude import growth last year slowed to nearly a third of the blistering pace of 2010, as weaker economic growth likely to drag into the New Year weighed on demand.
Analysts expected China's imports this year to at least maintain or quicken from last year's pace, bolstered by new refining capacities started in late 2011 and through this year and an increasing chance to build stocks.
(Sourced from Reuters)
