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Friday, March 1, 2024

Russia is becoming the largest oil supplier to China

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Russia became the largest supplier of crude oil to China last year, reports Reuters news agency based on figures from Chinese customs. This means it passes Saudi Arabia.

According to customs figures, Russia supplied more than 107 million tons of crude oil to China last year, equivalent to 2.14 million barrels per day. Saudi Arabia accounted for almost 86 million tons of oil for the Chinese market. China is the world’s largest oil importer.

China, the world’s second-largest economy, is benefiting from cheaper Russian oil as a result of the war in Ukraine and Western sanctions against Russia. Many countries, especially European ones, have stopped importing Russian oil. To sell the oil elsewhere, Russia offers discounts. Refineries in China, but also in India in particular, are now using this.

China’s total crude oil imports rose to a record level of nearly 564 million tons last year. That amounts to the equivalent of 11.28 million barrels (of 159 liters) per day. China also sources a lot of oil from countries such as Iraq, Malaysia, Oman, the United Arab Emirates, Angola, Kuwait, Iran and Brazil.

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