After importing roughly the same amount of discounted Russian crude oil in May, China probably imported an additional 2 million barrels per day (bpd) in June, keeping Russia as its top oil supplier ahead of Saudi Arabia for a second consecutive month. According to the tanker-tracking data companies Refinitiv, Vortexa, and Kpler, Russian grades continue to gain market share in China at the expense of Saudi Arabia, as Chinese refiners consume deeply discounted Russian grades.

China brought in a record amount of Russian crude in May, with arrivals rising by 55% to around 2 million bpd. As a result, Russia is now the world’s top crude importer and surpasses Saudi Arabia for the first time in 18 months.

According to statistics from the tanker tracking companies, Russian oil is thought to have reduced the supply from West Africa, Saudi Arabia, and the rest of the Middle East.

According to Refinitiv data cited by Reuters, Saudi Arabia’s supply is tracked at around 1.3 million bpd in June, which would be China’s lowest import volumes from the world’s top crude exporter in almost two years. Record imports of Russian crude continued from May into June in a relatively lacklustre overall Chinese imports due to the COVID policies.

According to estimates from Vortexa and Refinitiv, imports from Saudi Arabia and Iraq may have decreased by 40% and 30%, respectively, in June compared to May. Additionally, a decline in Angolan crude imports to China is anticipated in June.

Later this year, China’s imports of Russian oil could slow down because of competition from India for cheap Russian oil, growing freight costs, and an increase in the volumes that refiners have committed to with Saudi Arabia for the remainder of the year.

It is anticipated that China will release official data on crude imports by country in the second half of this month.