China's crude oil imports from Russia soar 55 percent from a year earlier to a record level in May, displacing Saudi Arabia as the top supplier
China's crude oil imports from Russia have soared 55 percent from a year earlier to a record level in May, displacing Saudi Arabia as the top supplier, as refiners cashed in on discounted supplies amid sanctions on Moscow over its offensive in Ukraine.
That's equivalent to roughly 1.98 million barrels per day and up a quarter from 1.59 million bpd in April.Chinese firms, including state refining giant Sinopec and state-run Zhenhua Oil, have ramped up purchases of Russian oil, enticed by steep discounts after western oil majors and trading houses pulled back due to sanctions.
Russia took back the top ranking after a gap of 19 months. Customs data released on Monday also showed China imported 260,000 tonnes of Iranian crude oil last month, its third shipment of Iran oil since last December. Customs reported zero imports from Venezuela. State oil firms have shunned purchases since late 2019 for fear of falling foul of secondary US sanctions.
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