October 1, 2022

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They were tempted by Russian rivalries.  Putin is ready to buy his oil

They were tempted by Russian rivalries. Putin is ready to buy his oil

Chinese independent refineries have increased imports of expensive crude oil from Russia, while limiting purchases of this raw material from competing suppliers such as Angola and Brazil. Imports from these countries decreased by 27 and 58 percent, respectively, year on year.

Bloomberg reported in July that Russian oil was being supplied in China at 10 percent prices. Less raw materials of the same grade from Brazil. The discount relates to the sanctions imposed by Western countries on Russia for its invasion of Ukraine.

In July, China imported nearly 7.15 million tons of oil from Russia, an increase of 7.6 percent. More than in July last year. The figure includes raw materials transported through the East Siberian and Pacific oil pipelines, which are transported by sea from ports in the European part and the Far East of Russia.

This means that in July, an average of 1.68 million barrels per day were imported from Russia to China. That is lower than in the record month of May in this regard, when imports were close to 2 million barrels per day, according to Reuters.

From the beginning of the year to the end of July, China imported 48.45 million tons of crude oil from Russia, up 4.4 percent over the previous year. More than the same period last year. In this approach, Saudi Arabia remains in the lead, from which China purchased 49.84 million tons of crude oil by the end of July, down 1 percent. Less than a year ago.

China’s imports of crude oil fell 9.5% year-on-year in July, as refineries used their own stocks and domestic demand growth was slower than expected, Reuters reported.

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