Oil report

CORRECTED-Saudi Arabia slips to 3rd-biggest in China crude supply for July

 (Corrects pct drop for imports from Malaysia in para 7 to 71%
y/y, not m/m)
    BEIJING/SINGAPORE, Aug 25 (Reuters) - Saudi Arabia's crude
oil exports to China fell in July, taking it out of the top two
supplier slots for the first time in two years, after a historic
production cut to cope with a plunge in fuel demand and prices
that was by the COVID-19 pandemic. 
    Saudi Arabia shipped 5.36 million tonnes to China last
month, the equivalent of 1.26 million barrels per day (bpd),
data from the General Administration of Customs showed on
Tuesday. That compares to 8.88 million tonnes in June and 6.99
million tonnes in July last year. 
    Russia, the biggest crude supplier to China in July, shipped
7.38 million tonnes, or 1.74 million bpd. Iraq rose to second
place, shipping 5.79 million tonnes of crude oil to China. 
    Iraq failed to meet its output reduction target in May and
June, when other members of the Organization of the Petroleum
Exporting Countries (OPEC) and its allies, known together as
OPEC+, agreed to cut the equivalent of about 10% of global
output to shore up oil prices. 
    But Iraq said it would cut an additional 400,000 bpd in both
August and September, on top of its 850,000 bpd commitment under
the OPEC+ pact.
    Crude imports from the United States in July rose 139%
year-on-year to 3.7 million tonnes as Chinese bargain hunters
boosted purchases of U.S. crude grades after benchmark crude
future prices became negative in April. 
    China imported 387,792 tonnes of crude oil from Malaysia in
July, down 71% from a year ago, the data showed. 
    Below are details of imports from key suppliers.            
 Country       July(tonn  y/y % change   Jan-July   y/y % change
                  es)                    (tonnes)   
 Russia        7,381,560          30.1  51,343,658          18.4
 Iraq          5,788,136          35.7  38,977,847          44.3
 Saudi Arabia  5,359,705         -23.4  50,523,661          12.9
 Brazil        4,594,978          27.4  25,049,416           5.2
 U.S.          3,665,838         139.2   4,802,795          31.5
 Angola        3,602,084          -7.5  24,676,940         -15.5
 Oman          3,441,613          58.9  21,754,412          21.6
 Iran            498,026         -46.2   2,197,680         -81.6
 Malaysia        387,792         -71.3   8,167,590          44.7
 Venezuela           N/A           N/A         N/A           N/A
 (Reporting by Muyu Xu in Beijing and Chen Aizhu in Singapore;
Editing by Tom Hogue)