Russia became the main oil supplier to China in 2023, overshadowing Saudi Arabia’s performance in this matter.
Likewise, last year, Chinese imports of fuel oil to Russia reached a record of 9.6 million tons. For its part, “Malaysia was the next largest exporter, supplying 6.93 million tons.”
Chinese refiners have maintained a low-cost import of crude oil to Russia, “despite the fact that it is sold at levels above a Western-imposed price cap of US$60 per barrel,” according to CNN.
Russian exports to China have become more attractive thanks to the noticeably shorter shipping route.
In total, during 2023 China imported oil from Russia for a total of US$ 60.6 billion, “which is equivalent to an average price of around US$ 77 per barrel,” according to Bloomberg calculations based on customs data.
It is important to note that currently, the Asian country imports 19 % of its crude oil from Russia and 15 % from Saudi Arabia. Among the companies participating in these negotiations, Sinopec and Zhenhua Oil stand out, which also increased their purchases thanks to high discounts.
M.Pino
Source: Correo del Orinoco
(Reference image source: Delfino Barboza, Unsplash)
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