China’s imports of Russian oil have reached an all-time high, according to data from the General Administration of Customs in China. In May 2023, China imported a total of 9.71 million metric tons of oil from Russia, representing a 15.3% increase compared to the previous year. This translates to an average of 2.29 million barrels per day during the same period.
The surge in demand for Russian crude came primarily from private refiners in China, including major companies like Hengli Petrochemical. These private refiners have contributed significantly to the increase in imports.
The additional profits from the sales of sanctioned fuel to China have also been beneficial for Moscow, as it helps to address the country’s widening budget deficit following its war in Ukraine.
In a reciprocal move, China has increased its exports of computer chips and other technology products to Russia. This comes as the Kremlin seeks to ensure its military remains adequately equipped.
Meanwhile, China’s total crude imports from Saudi Arabia in May amounted to 7.32 million tons, equivalent to 1.72 million barrels per day. This represents a 16% decrease from the previous month’s imports of 2.05 million barrels per day. Saudi Arabia was the largest crude exporter to China in April 2023.
In early April, Saudi Arabia and other members of the OPEC+ alliance announced sudden production cuts of 1.16 million barrels per day, effective from May 2023. In line with this, the kingdom reduced its production by 430,000 barrels per day in May.
Customs data also revealed that China’s imports from Malaysia reached 1.34 million barrels per day in May, marking a significant increase of 158.6% compared to the same period last year.
Despite worsening geopolitical tensions between the two countries, China’s imports from the United States more than tripled year-on-year to 2.22 million tons.
Overall, China’s increasing imports of Russian oil, along with its diversification of oil sources, reflect the country’s efforts to secure its energy needs and maintain a stable supply chain.
china oil imports by country
China’s imports of Russian oil have reached record levels, according to data from the General Administration of Customs in China. In May 2023, China imported a total of 9.71 million metric tons of oil from Russia, showing a significant increase of 15.3% compared to the previous year. This translates to an average of 2.29 million barrels per day during the same period.
The surge in demand for Russian crude primarily came from private refiners in China, including major companies like Hengli Petrochemical. These private refiners have played a significant role in the increase in imports.
Furthermore, the sale of sanctioned fuel to China has been advantageous for Moscow as it helps address Russia’s widening budget deficit following the war in Ukraine.
In a reciprocal move, China has increased its exports of computer chips and other technology products to Russia. This step by the Chinese government aims to ensure that Russia’s military remains adequately equipped.
On a related note, China’s total crude imports from Saudi Arabia in May amounted to 7.32 million tons, equivalent to 1.72 million barrels per day. This indicates a significant decrease of 16% compared to the previous month’s imports of 2.05 million barrels per day. Saudi Arabia was the largest crude exporter to China in April 2023.
It is important to highlight that in early April, Saudi Arabia and other members of the OPEC+ alliance announced sudden production cuts of 1.16 million barrels per day, effective from May 2023. Consequently, Saudi Arabia reduced its production by 430,000 barrels per day in May.
In addition, China’s imports from Malaysia showed a substantial increase in May, reaching 1.34 million barrels per day. This represents a significant rise of 158.6% compared to the same period last year.
Despite the worsening geopolitical tensions between the two nations, China’s imports from the United States have more than tripled year-on-year, totaling 2.22 million tons.
In conclusion, China’s growing imports of Russian oil, coupled with its efforts to diversify its oil sources, reflect the country’s commitment to securing its energy needs and maintaining a stable supply chain.
This surge in oil imports from Russia to China could have profound impacts on China’s budget deficit and military capabilities. As China’s reliance on Russian oil grows, it is crucial for them to carefully manage their expenditures and prioritize investments in defense equipment wisely.