Russia exports record amount of oil to China | NOW

Russia exported a record amount of oil to China in May. The country supplied 55 percent more oil to the Chinese compared to a year earlier. This has made the Asian country even more important for the Russians, especially now that the West no longer wants to import Russian oil because of the war in Ukraine.

Due to the increased sales, Russia ousted Saudi Arabia as the largest supplier of oil in China. In addition, Chinese refineries of Sinopec and ZhenHua Oil, among others, were able to take advantage of discounts. Russia supplied at relatively low prices, because the country can only supply the fossil raw material to a limited number of markets due to sanctions.

Russian oil imports totaled nearly 8.4 million tons last month, according to data from China’s customs service. That equates to just under 2 million barrels per day, an increase from the 1.6 million barrels of oil per day in the previous month.

China is the world’s largest importer of crude oil. Imported Russian oil is brought to China via the East Siberian pipeline in the Pacific Ocean as well as from Russian ports. The oil also comes from ports in western Russia.

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