Russia remains China’s second largest oil supplier — RT Business News


Chinese refiners buy Russian barrels as EU buyers refrain from direct purchases due to sanctions

Russia became China’s second largest oil supplier in 2022 for the second year in a row, according to the latest data released by China’s customs agency on Friday.

China’s Russian crude oil imports in 2022 increased by 8.2% year-on-year to 86.3 million tons, or 1.7 million barrels per day (bpd).

In monetary terms, China’s purchase of Russian oil last year amounted to 58.4 billion dollars.

The country’s barrels are selling at a deep discount to world oil benchmarks after EU buyers refused to ship crude oil from Russia. Chinese refiners have stepped up their purchases of cheap oil, defying Western sanctions on Russian offshore oil that took effect on December 5.

In 2022, Saudi Arabia, which remained the largest supplier of raw materials to China, exported 87.5 million tons of oil worth 65 billion dollars. China’s crude oil imports from the United States fell 31%, while supplies from Malaysia nearly doubled last year.

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