Russia has become China’s largest oil supplier

Beijing has reduced its purchases of oil from other countries, increasing purchases of cheap Russian oil. The biggest purchase was in May.

China has increased its purchases of discounted crude oil from Russia over the past three months, making it the largest oil supplier. On Monday, August 22, Reuters reports related to customs data.

It was noted that independent Chinese refiners increased purchases of crude oil at a discount from Russia, while reducing the supply of Russian competitors.

Thus, Russian oil imports, including deliveries through the East Siberia-Pacific Ocean pipeline and sea transportation from European and Far Eastern ports of Russia, reached 7.15 million tons, which is 7.6% more than a year ago, according to China’s Main Customs Administration data for May, June and July 2022.

At the same time, Russian deliveries in July, equal to about 1.68 million barrels per day, were lower than the record number in May, which was about 2 million barrels per day.

At the same time, purchases in Russia squeezed competing supplies from Angola and Brazil, which fell by 27% and 58%, respectively, year-on-year.

Customs also reported no imports from Venezuela or Iran last month.

It will be recalled that in July, China and India drastically reduced their oil purchases from the Russian Federation after Saudi Arabia and Iran announced discounts to compete with cheap Russian varieties.

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