Caixin
Jul 23, 2022 06:14 PM
BUSINESS

Russia Becomes China’s Largest Oil Supplier as Prices Drop

Russian crude oil is piped into Daqing Petrochemical refinery in Daqing, Northeast China’s Heilongjiang province, in September 2020. Photo: VCG
Russian crude oil is piped into Daqing Petrochemical refinery in Daqing, Northeast China’s Heilongjiang province, in September 2020. Photo: VCG

Russia surpassed Saudi Arabia as the largest crude oil supplier to China over the past two months as Western sanctions due to Moscow’s war with Ukraine dragged down prices of its petroleum exports, boosting their appeal among Asian buyers.

Last month, China imported 7.3 million tons of crude oil from Russia, up 9.5% from the same period in 2021, according to data from the General Administration of Customs. Oil imports jumped 54.8% year-on-year to 8.4 million tons in May.

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