Russia Becomes China S Top Oil Supplier Amid War Sanctions On Ukraine Oil

Russian oil imports, including supplies from the eastern Siberian pipeline, the Pacific and shipping, totaled nearly 8.42 million tonnes, according to data from the Chinese General Administration of Customs on Monday. Shipments equate to almost 2 million barrels per day (bpd) and increase by a quarter from 1.59 million bpd in April. China is the largest importer of crude oil in the world. Chinese companies, including state-owned refining giant Sinopec and state-owned Zhenhua Oil, have boosted Russian oil markets, driven by sharp rebates following the withdrawal of major Western oil and trading companies due to sanctions. Discounts of up to 30% have helped keep Russia ‘s coffers full despite Western sanctions designed to cripple the country’ s economy. The Kremlin received about $ 20 billion (16 16.6 billion) from oil exports in May. The sharp rise in oil prices also played a big role, with prices rising more than 60% in the last 12 months to $ 112 a barrel for international crude oil on Monday. The Chinese markets are also part of Beijing’s cautious stance on the conflict in Ukraine, which has seen President Xi Jinping offer strong implicit support to his authoritarian Kremlin ally, Vladimir Putin. While Beijing initially avoided any comment on the war, it has criticized Western sanctions on Russia as “economic terrorism” and “economic armaments” and has also attacked arms sales to Kyiv from outside countries such as the United States and the United Kingdom. Saudi Arabia remained the second largest supplier, with volumes up 9% year-on-year to 7.82 million tonnes or 1.84 million bpd in May. This was lower than the 2.17 million bpd in April. Russia regained the first place after a difference of 19 months. Customs data released on Monday also showed that China imported 260,000 tonnes of Iranian crude oil last month, the third shipment of Iranian oil since last December, confirming an earlier Reuters report. Despite US sanctions on Iran, China has continued to take Iranian oil, which is usually shipped as supplies from other countries. Import levels are about equivalent to 7% of China’s total crude oil imports. China’s total crude oil imports rose nearly 12 percent in May from a year-on-year low to 10.8 million bpd, up from a 2021 average of 10.3 million bpd. Customs reported zero imports from Venezuela. State-owned oil companies have avoided buying since the end of 2019, fearing they will face minor US sanctions.

title: “Russia Becomes China S Top Oil Supplier Amid War Sanctions On Ukraine Oil " ShowToc: true date: “2022-11-25” author: “Willie Rosen”

Russian oil imports, including supplies from the eastern Siberian pipeline, the Pacific and shipping, totaled nearly 8.42 million tonnes, according to data from the Chinese General Administration of Customs on Monday. Shipments equate to almost 2 million barrels per day (bpd) and increase by a quarter from 1.59 million bpd in April. China is the largest importer of crude oil in the world. Chinese companies, including state-owned refining giant Sinopec and state-owned Zhenhua Oil, have boosted Russian oil markets, driven by sharp rebates following the withdrawal of major Western oil and trading companies due to sanctions. Discounts of up to 30% have helped keep Russia ‘s coffers full despite Western sanctions designed to cripple the country’ s economy. The Kremlin received about $ 20 billion (16 16.6 billion) from oil exports in May. The sharp rise in oil prices also played a big role, with prices rising more than 60% in the last 12 months to $ 112 a barrel for international crude oil on Monday. The Chinese markets are also part of Beijing’s cautious stance on the conflict in Ukraine, which has seen President Xi Jinping offer strong implicit support to his authoritarian Kremlin ally, Vladimir Putin. While Beijing initially avoided any comment on the war, it has criticized Western sanctions on Russia as “economic terrorism” and “economic armaments” and has also attacked arms sales to Kyiv from outside countries such as the United States and the United Kingdom. Saudi Arabia remained the second largest supplier, with volumes up 9% year-on-year to 7.82 million tonnes or 1.84 million bpd in May. This was lower than the 2.17 million bpd in April. Russia regained the first place after a difference of 19 months. Customs data released on Monday also showed that China imported 260,000 tonnes of Iranian crude oil last month, the third shipment of Iranian oil since last December, confirming an earlier Reuters report. Despite US sanctions on Iran, China has continued to take Iranian oil, which is usually shipped as supplies from other countries. Import levels are about equivalent to 7% of China’s total crude oil imports. China’s total crude oil imports rose nearly 12 percent in May from a year-on-year low to 10.8 million bpd, up from a 2021 average of 10.3 million bpd. Customs reported zero imports from Venezuela. State-owned oil companies have avoided buying since the end of 2019, fearing they will face minor US sanctions.