China’s Saudi Oil Imports in February Hit Near Record High

China’s monthly oil imports from Saudi Arabia hit their second highest level on record in February, while arrivals from Russia also surged, as weak crude prices prompted the world’s top energy consumer to bring in record high volumes last month.

China’s total oil imports rose about 20 percent on year to the highest ever on a daily basis in February, when near 10-year low global oil prices drove buying from a group of new importers and for state and commercial stockpiling.

Saudi Arabia was China’s top supplier in February with shipments of 1.38 million barrels per day (bpd), customs data showed on Monday, slightly below a record 1.39 million bpd in February 2012. Russia came in third, behind Angola, with shipments of 1.03 million bpd, up almost 48 percent on a daily basis from a year ago.

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