Chinese refineries use Russian oil transport and insurance intermediaries.
Russia has overtaken Saudi Arabia to become China’s largest crude oil supplier by 2023, Reuters reported on Monday, January 22.
Last year, Russia supplied China with a record 107.02 million tons of crude oil, equivalent to 2.14 million barrels per day, more than other major oil exporters such as Saudi Arabia and Iraq, according to China customs data.
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Imports from Saudi Arabia, once China’s biggest supplier, fell 1.8% to 85.96 million tonnes.
Russian crude oil, shunned by many international buyers following Western sanctions over Russia’s invasion of Ukraine in 2022, has traded at a deep discount to international benchmark prices for much of the past year in the middle of Western price limits.
Chinese refineries use intermediaries to deliver and insure Russian oil to avoid Western sanctions.
Buyers also use the waters off Malaysia as a transfer point for sanctioned cargo from Iran and Venezuela. Imports designated as originating in Malaysia grew by 53.7% last year.
Shipments to China from the United States rose 81.1% last year despite geopolitical tensions between Beijing and Washington as US oil production increased
China’s total crude oil imports in 2023 rose to a record 563.99 million tons, equivalent to 11.28 million barrels per day.
Let’s recall that in December last year, Turkey imported record volumes of Russian oil by sea, reaching 444 thousand barrels per day.
India says that by buying cheap Russian oil, it has saved the world from rising oil prices.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.