Reuters: Since the start of 2023, Russia has increased its oil exports to China by 23.8%
From early 2023 Russia outmoded Saudi Arabia for oil supply PRC. This is in reference to the General Administration of Customs of China, the agency reports. Reuters.
Compared to the same period last year, Russia increased its fuel exports to the country by 23.8%. In two months, deliveries amounted to 15.68 million tonnes, or up to 1.94 million barrels per day. Shipments from Saudi Arabia over the same period fell from 1.81 to 1.72 million barrels per day.
The reason why China has started to buy more Russian raw materials is because of the sanctions against energy resources, forcing Moscow sell oil at significant discounts. As a result, Chinese private oil refineries in Shandong province bought Russian ESPO oil at a discount of $8 to Brent in January. To circumvent Western sanctions, they use intermediary traders to deliver and insure shipments.
experts predictthat China’s daily oil imports from Russia in 2023 could increase by 500,000 barrels, to around 2.2 million barrels or even 2.5 million barrels per day.
According to the analysis company Kpler, in 2022 the export of Russian oil to China and India has reached record level. Bypassing US Sanctions aid Iranian “ghost tankers” that transported energy resources.