This year Russia surpassed Saudi Arabia to become China's largest oil supplier.
[Financial Channel/Comprehensive Report] The war between Russia and Ukraine has lasted for more than a year. Since Russia was sanctioned by the West, the trade between China and Russia has become more frequent. In terms of energy, Russia has surpassed Saudi Arabia to become China's largest oil supplier,
According to industry insiders, China took the opportunity to buy a large amount of cheap Russian oil that was sanctioned. Reuters quoted data from the General Administration of Customs of China as saying that China’s crude oil imports from Russia will increase by 8% to 86.25 million tons in 2022, equivalent to 1.72 million barrels per month. On the same day, the volume of crude oil imported from the United States fell by 31% to 7.89 million tons; while from January to February this year, crude oil purchased from Russia increased by 23.8% compared with the same period last year.
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As China relaxes epidemic prevention restrictions and demand for energy picks up, Reuters previously estimated that China's imports of Russian oil in March may hit a new high.
Saudi Arabia used to be China's largest crude oil supplier. It sold 87.49 million tons of crude oil to China last year, about 1.75 million barrels per day. Overtake Saudi Arabia and become China's largest source of oil supply.
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