Russia overtakes Saudi Arabia as top supplier of oil to China

Russia overtakes Saudi Arabia as top supplier of oil to China

WESTERN sanctions did not stop Russian crude oil from attracting buyers overseas. Russia ended 2023 by replacing Saudi Arabia as the top supplier of crude oil to China based on recent data.

The war in Ukraine brought waves of Western sanctions to Russian businesses and individuals including its oil sector.

The sanctions did not stop the former Soviet Union from offering discounted oil to its international buyers.

Among those countries that took advantage of Russia’s discounted crude oil was China, the world’s leading importer of crude oil.

The country delivered about 107.02 million metric tons of crude oil to China in 2023.

The figure was equivalent to an impressive 2.14 million barrels per day based on Chinese customs data published on January 20.

Saudi Arabia, China’s former top supplier, delivered a lower crude oil supply to the East Asian country recorded at 85.96 million tons in 2023.

The aftermath of Western sanctions imposed against Russia due to its war with Ukraine fueled Kremlin to offer major discounts in the global market which turned out to be more economically attractive to Chinese refiners.

 

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