In May, Russia sold more oil to China than ever before, making it the People’s Republic’s biggest oil supplier. China imported nearly 8.42 million tonnes of crude oil from Russia last month, Beijing Customs officials said today.
That’s nearly two million barrels per day (bpd) and 55% more than a year ago and about a quarter more than in April. After 19 months, Russia has again ousted Saudi Arabia from being China’s biggest oil supplier.
Chinese companies such as refinery giant Sinopec benefited from sharp price cuts after Western oil companies and trading companies withdrew from the Russian market amid sanctions imposed over the war in Ukraine.