Friday, August 19, 2022

Russia has become the largest supplier of crude oil to China

China continues to buy crude oil and gas from Russia in record quantities.

In May, Russia became the largest supplier of crude oil to China. Russia is selling crude oil to China at a discounted price due to sanctions imposed after the war in Ukraine.

Russia supplied China with 55% more crude oil in May 2022 than in the same period last year, making it the largest supplier of oil to China, replacing Saudi Arabia.

China continues to buy more oil from Russia, despite sanctions and economic slowdown caused by Code 19.

It is expected that Ukraine will be in the 4th month of the war and Western countries are refraining from buying crude oil, gas and coal from Russia. China bought 8.4 million tonnes of crude oil worth 10. 10.27 billion from Russia in May.

Similarly, the amount of LNG supplied by China to China also increased by 54% to 397,000 tons.

This does not include the amount of gas that Russia supplies to China through pipelines.

Saudi Arabia is the second largest supplier of crude oil to China after Russia, which sold 7.8 million tons of crude oil to China. It should be noted that in March 2022, the United States and Britain had said that the sale of Russian crude oil should be banned, while the European Union is working to end its dependence on Russian gas.

On the other hand, China imported 260,000 tons of crude oil from Iran in May.

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