Russia Overtakes Saudi Arabia As China’s Top Oil Supplier
Chinese imports of Russian crude surged by 55 percent in May as the world’s biggest importer of oil took advantage of major discounts.
- Russia has now overtaken Saudi Arabia as China’s top oil supplier.
- While Russia is sending lots more crude to Asia, it is unlikely that the Asian market can absorb all 4 million barrels that were going to Europe.
China imported a record volume of Russian crude in May, with arrivals surging by 55 percent to nearly 2 million barrels per day (bpd). This has made Russia the top oil supplier to the world's leading crude importer—putting it ahead of Saudi Arabia for the first time in a year and a half.
A record volume of cheap Russian oil, which sells at steep discounts to crude from other countries, made its way to Chinese refiners last month, according to figures from China's General Administration of Customs cited by Reuters.