July 4, 2022

Taylor Daily Press

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China studies Russian oil to renew strategic stockpile News

Russia exports a record amount of oil to China | Ukraine and Russia war

Russia exported a record amount of oil to China in May. China’s oil imports from Russia rose 55 percent in May compared to the previous year. This makes Russia a grateful trading partner for China, especially now that Western countries no longer want to import oil from Russia due to the war in Ukraine.

Russia has even ousted Saudi Arabia as the largest supplier of oil to China. In addition, Chinese refiners such as Sinopec and Zhenhua Oil have benefited from discounts because Russia can only supply fossil raw materials to a limited number of markets due to sanctions.

Russia’s oil imports totaled nearly 8.4 million tons, according to data from the Chinese Customs Service. That equates to just under 2 million barrels a day, up from 1.6 million barrels of oil a day in April.

China is the largest importer of crude oil in the world. Russian oil imported to China is supplied via the East Siberian pipeline in the Pacific Ocean as well as from Russian ports, including those in western Russia.

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