Russia Becomes China’s Top Oil Supplier
The high purchases of Russian oil outstripped supply from Saudi Arabia
on 22nd June 2022 @ 4.00pm
China imported 1.98 million bpd of Russian crude oil in May, up by 55 percent from May last yearChina imported a record volume of Russian crude oil earlier this year, with arrivals surging by 55 percent to nearly 2 million barrels per day (bpd).
This has made Russia the top oil supplier to the world’s leading crude importer—putting it ahead of Saudi Arabia for the first time in a year and a half.
As Reuters reported:
A record volume of cheap Russian oil, which sells at steep discounts to crude from other countries, made its way to Chinese refiners last month, according to figures from China’s General Administration of Customs.
The average daily rate of Russian oil exports to India stood at 819,000 barrels last month, compared with 277,000 bpd in AprilChina imported 1.98 million bpd of Russian crude …