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China imports more oil from BRICS members while decreasing supplies from Saudi Arabia.

Image Credit: Energy Intelligence

China has imported around 9.2 million barrels of oil last month according to analytics provider OilX. Even though its lower than the previous month by 1.6 million barrels per day (bpd), China has drastically increased oil supplies from BRICS countries while decreasing oil imports from Saudi Arabia.

BRICS is an alliance of countries outside of Western developed economies to forge alliances on economic issues. The current members are Brazil, Russia, India, China and South Africa, but it is expected to get more members. A few weeks ago Argentina and Iran submitted applications to join the BRICS. The alliance have also announced that they are ready to launch a new global reserve currency in an attempt to compete with the dollar.

China imported 800,000 bpd less than previous months while imports from Brazil increased close to 200,000 bpd. They also imported more oil from Russia given the discount on Russian crude oil, which went as high as 30% compared to the global benchmark as of last April. According to Reuters, China continued buying alot of Russian oil while decreasing Saudi oil despite their harsh lockdowns. As in May, Russia was the largest oil supplier in June. Last May, China imported 2 million bpd.

More details to follow.

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