In the first two months of 2023, Russia increased its crude oil sales to China by almost a quarter. It overtook Saudi Arabia to become China’s largest oil supplier.
This is reported by Reuters, citing data from the Chinese government, Ukrinform says.
According to the Chinese General Administration of Customs, in January-February, oil imports from Russia reached 15.7 million tonnes. This is almost 2 million barrels per day. It’s 23.8% more than in the same period in 2022.Read also: Bloomberg exposes shadow fleet of Russian oil tankers
Last year, Russia was the second-largest crude oil supplier to China. The country exported 86.2 million tons of crude oil during the year.
Saudi oil imports totaled 13.92 million tonnes over two months. This is equivalent to 1.7 million barrels per day, compared to 1.8 million barrels a year earlier.Read also: Increasing hydrocarbon extraction by NATO allies to deprive Russia of resources for war – expert
In 2022, Saudi Arabia was China’s largest oil exporter. The country supplied 87.5 million tonnes of crude oil over the year. This is equivalent to 1.75 million barrels per day.
After Russia invaded Ukraine, Western sanctions were imposed and a cap was introduced on Russian oil prices.
This has reduced the number of buyers of Russian hydrocarbons. As a result, Russian oil is being sold at a steep discount.
Among the main beneficiaries of the Russian oil price cap were non-state Chinese refiners. Many of them are located in the eastern province of Shandong. Early in the year, they bought Russian crude at a discount of about $8 per barrel compared to the benchmark Brent.
As Ukrinform reported on Monday, March 20, oil prices continued to fall after last week’s decline. The drop was the most significant since last summer.
By producing goods in China, western companies located there import ruSSian oil and gas for their production. Further, trade with RuSSia continues through 3rd countries. Great sanctions, really! 🖕
Several political commentators i listen to, are speculating that china may want to actually prolong Ukraine’s war with russia, because china is a trade rival, and wants both the United States and russia weakened. American strategic forces would have less force to apply in defending Taiwan against china.
Perhaps also, the chinese may be trying to use their influence towards slowly infiltrating and taking over parts of russia from within. Turn parts of russia into vassal states of china while pretending to let moscow have “authority” over those areas.
At what point does India and China come under sanctions
As the West keeps on snoozing, bat virus land keeps getting stronger.
Boycott chink products now!