Russia’s oil deliveries to China rose 25% throughout the month. The country leads in energy exports from the Russian Federation.
China increased oil imports from Russia in May by 55%, Reuters reports citing data from China’s General Administration of Customs.
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Overall, Russia’s oil imports in May reached nearly 8.42 million tons. This number is equivalent to approximately 1.98 million barrels per day and 25% more than 1.59 million barrels per day in April.
Thus, China led Russia’s oil imports, surpassing Saudi Arabia, which in May increased supplies from Russia by 9% compared to May last year – up to 7.82 million tons, or 1.84 million barrels per day. .
“This data shows that Moscow will find buyers for its oil despite sanctions in the West, although it will have to cut prices. And while overall demand for crude oil in China is limited because with restrictions on COVID and a slowdown in the economy, leading importers, including refining giant Sinopec and trader Zhenhua Oil have boosted Russia’s purchases of cheaper oil in addition to supplies from Iran and Venezuela.
OPEC predicts a slowdown in global oil demand growth next year to 2 million barrels per day from 3.36 million this year.
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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.