Chinese companies are buying Russian oil at a third of the market price at a discount and plan to replenish strategic reserves.
China buys Russian oil at a discount of $ 29 per barrel, or 33% of the market price, Bloomberg wrote.
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In April, China spent more than $ 6 billion on importing Russia’s energy resources, according to the publication. Coking coal shipments for the steel industry have more than doubled.
It was noted that in May, China should receive 1.1 million barrels per day-this is about 10% of daily production in Russia.
Also, China may decide to use Russian oil to replenish its strategic storage facilities, which would mean more purchases – now such negotiations are being conducted at the level of governments of both states, Bloomberg wrote.
Earlier, the publication wrote that Russia has managed to avoid the devastating effect of Western sanctions imposed after the start of the invasion of Ukraine, thanks to rising prices for exported oil and gas.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.