With Russian oil under sanctions and heavily discounted in China, Russia overtook Saudi Arabia to become China's largest oil supplier in the first two months of 2023.
About it reports Reuters.
The General Administration of Customs of China announced that in January-February, oil imports from Russia increased to almost 1,94 million barrels per day, and the total amount of raw materials supplied reached 15,68 million tons. This indicator is 23,8% higher than in the same period last year.
In turn, Saudi Arabia sold 13,92 million tons of oil in two months, which is equal to about 1,7 million barrels per day.
It is noted that Russia was the second largest supplier of crude oil to China last year, supplying 86,2 million tons, followed by Saudi Arabia, which sold 87,49 million tons of crude oil during the year.
Western sanctions introduced due to the war against Ukraine limited buyers' access to raw materials from Russia, which led to trade at deep discounts.
The newspaper notes that this policy was very profitable for Chinese oil refining companies, as it allowed them to buy oil at a discount of $8 per barrel.
To avoid violating sanctions, Chinese refiners use intermediary traders to ship and insure Russian crude oil.
The increase in the price of oil took place after the meeting between Saudi Arabia and Russia. The market calmed amid high expectations of demand from China, but oil prices fell to a 20-month low on March 15 on fears of a recession that could dampen fuel demand.
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