Views: 2 Author: Site Editor Publish Time: 2022-06-23 Origin: Site
China's crude oil imports from Russia surged 55 percent in May from a year earlier to a record level, allowing Russia to replace Saudi Arabia as China's largest crude supplier. With Sanctions imposed on Russia over the conflict with Ukraine, Chinese refiners have taken advantage of discounts on Russian crude.
China imported nearly 8.42 million tons of crude oil from Russia in May, equivalent to about 1.98 million b/d, up from 1.59 million b/d in April, according to the General Administration of Customs. China is the world's largest importer of crude oil.
China's state-owned refining giants have stepped up purchases of Russian crude, lured by deep discounts, after western oil majors and trading houses pulled back because of sanctions.
Exports from Saudi Arabia, China's second-largest supplier, rose 9 percent in May from a year earlier to 7.82 million metric tons, or 1.84 million BPD. That was down from 2.17 million BPD in April.
Russia regained the top spot after a 19-month hiatus.