Russia remains the main supplier of oil to China for the third month in a row. Independent refiners increased their cut-price purchases while cutting supplies from competing suppliers such as Angola and Brazil, Retuera said on Saturday.
From the beginning of the year to the end of July, China imported 48.45 million tons of oil from Russia. This is about 4.4 percent. more than in the same period last year. The leader is still Saudi Arabia, from which the Celestial Empire purchased 49.84 million tons of oil by the end of July (1 percent less than a year earlier).
Imports of Russian oil, including deliveries via the East Siberian pipeline to the Pacific Ocean and sea transport from European and Far Eastern ports of Russia, amounted to 7.15 million tons. According to the General Administration of Customs of China, this is 7.6% more than a year ago.
Import of oil from Russia to China. Shipments from other countries in the background
The growth of imports from Russia also replaced supplies from Angola and Brazil. Imports from these countries decreased by 27 and 58 percent, respectively, year on year. From May to July, Russia remained the largest supplier of oil to China. China is also the largest recipient of oil from this direction.
Russian oil in China is offered at a price of 10 percent. lower than raw materials of the same grade from Brazil. The discount is related to the sanctions imposed by the West against Russia in connection with the aggression in Ukraine.
On August 11, the International Energy Agency (IEA) reported that Russia produced 9.8 million barrels of oil per day in July, up from the previous month. The data is a signal that Russian oil production remains strong despite Western sanctions.
However, the International Energy Agency noted a drop in Russia’s export earnings from $21 billion in June to $18 billion in July, which is due, among other things, to falling oil prices.
Source: Wprost
