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Sanctions imposed by Western countries forced Russia to discount its oil last year, and China took full advantage of it, replacing Saudi Arabia as the communist country’s biggest supplier, new data shows. was the Kremlin.
Contrary to Western attempts to reduce Russia’s finances, China accepted a record 107.02 million tonnes of crude oil from Russia last year, equivalent to 2.14 million barrels per day (bpd), Chinese customs officials said. The data showed. Like Saudi Arabia and Iraq. This amount corresponds to an increase of 24.1% compared to 2022.
Imports from Saudi Arabia, which had been China’s largest supplier, decreased by 1.8% to 85.96 million tons, as Middle Eastern oil giant Saudi Arabia lost market share to cheaper Russian crude oil.
Russian President Vladimir Putin (right) and Chinese President Xi Jinping (left) shake hands after speaking to the media at a signing ceremony following their talks at the Grand Kremlin Palace in Moscow, Russia, on March 21, 2023. (Mikhail Tereshchenko, Sputnik, Kremlin pool photo, via AP/AP Newsroom)
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Russia’s invasion of Ukraine in 2022 prompted Western countries to impose an embargo on crude oil and other petroleum products to deplete military funding, but Chinese refiners have been forced to limit the shipping and insurance of Russian crude to avoid violating sanctions. It is said that this is outsourced to an intermediary. to Reuters.
Russia announced last month that it had managed to avoid sanctions by redirecting most of its oil exports from Europe to India and China. Russia’s crude oil exports to India surged to a record high last year, and by 2023 it will be the first time that India will import roughly equal amounts of crude oil from members of the Organization of the Petroleum Exporting Countries (OPEC) and non-member countries. is.
The refinery facilities on PCK-Raffinerie GmbH’s industrial site will be illuminated in the evening. From January 2023, oil supplies from Russia through the Friendship pipeline will be suspended. (Christophe Gateau/Photography partnership via Getty Images/Getty Images)
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Increased demand from Chinese and Indian refiners seeking discounted crude oil has pushed the price of Russian ESPO crude oil higher through 2023, surpassing the $60 per barrel price cap imposed by the G7 in December 2022. . Shipments for December delivery were set at a discounted price. The price would be around 50 cents to 20 cents per barrel against the ICE Brent benchmark, Reuters trading sources said. On the other hand, cargo delivered in October will receive a $1 premium, and cargo delivered in March will receive a discount of $8.50.
According to OilPrice.com, Brent crude oil futures prices on Friday were around $78.50 and ESPO prices were $75.43.
“China loves bargains,” Kevin Book, managing director of Clearview Energy Partners, an independent research firm based in Washington, D.C., told Fox News in November.
General view of the oil processing plant at the Yarakhta oil field owned by Irkutsk Oil Company (INK) in Irkutsk Oblast, Russia. China received a record 107.02 million tonnes of crude oil from Russia last year, equivalent to 2.14 million bar. (Reuters/Vasily Fedsenko/Reuters Photo)
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“They’re the world’s largest oil importer, and when they can save a barrel, they’ll probably save a barrel,” Book said. Too. “
Iraq is China’s third largest importer, shipping approximately 59.26 million tons in 2023, an increase of 1.3%.
The US ranks 10th, with shipments from the US to China soaring to 81.1% last year despite geopolitical tensions between China and Washington as US crude oil production increases.
Reuters contributed to this report.
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