China’s May oil imports from Russia rise a record 55%, surpass Saudi supplies – Times of India

SINGAPORE: China’s crude oil imports from Russia rose 55% in May from a year ago to a record low, displacing Saudi Arabia as the top supplier, as refiners cut discounted supplies amid sanctions on Moscow over its invasion of Ukraine. redeemed.
According to data from the Chinese General Administration of Customs, Russian oil imports, including supplies delivered via the East Siberia Pacific Ocean Pipeline and sea shipments from Russia’s European and Far Eastern ports, totaled about 8.42 million tonnes.
This equates to about 1.98 million barrels per day (bpd) and is up from 1.59 million bpd in April. China is the world’s largest importer of crude oil.
Sugar companies, including state refining company Sinopec and state-owned zhenhua oilRussian oil purchases have picked up, thanks to steep discounts after Western oil majors and business houses withdrew from sanctions.
Saudi Arabia lags behind as the second largest supplier, up 9% year-on-year in May volumes to 7.82 million tonnes, or 1.84 million bpd. This was down from April’s 2.17 million bpd.
Russia regained the top ranking after a gap of 19 months.
Customs data released on Monday also showed China imported 260,000 tonnes of Iranian crude last month, its third shipment of Iranian oil since last December, confirming an earlier Reuters report.