Amidst Russian and Ukraine war, Russia has become China's largest oil supplier, as the country sold its crude oil at a discounted rate to Beijing China, paying less attention to the world's sanctions on them.

Imports of Russian oil rose by 55% from a year earlier to a record level in May, displacing Saudi Arabia as China's biggest provider.



Although COVID-19 and a slow economy has been a little bit of a struggle in China, they haven't relented in their purchases of oil from Russia, mostly because of the juicy discount attached and as buyers in Europe and the US shunned Russian energy in line with sanctions over its war on Ukraine.

The imports into China, which include supplies pumped through the East Siberia Pacific Ocean pipeline and shipments by sea, totalled nearly 8.42m tonnes last month, according to data from the Chinese General Administration of Customs.

This move made the purchase and supply of oil from Saudi to derank to second position, and to also note that around March, the US and UK proposed that they would no longer be buying oil from Russia in a bid to reduce the reliance on Russian crude oil.


Play Now

click to begin

Download

click to begin