China’s crude oil imports from Russia surged 28% on year in August
COMMODITIES DATA
China’s crude oil imports from Russia surged 28% on year in August
COMMODITIES DATA

China’s crude oil imports from Russia surged 28% on year in August

 

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China’s crude oil imports from Russia, including supplies pumped via the East Siberia Pacific Ocean pipeline and seaborne shipments from Russia’s European and Far Eastern ports, surged 28% from a year earlier to 8.342 million tonnes, according to China’s customs data on Tuesday.

The amount, equivalent to 1.96 million barrels per day (bpd), was slightly lower than a record high of nearly 2 million bpd in May. China is Russia’s largest oil buyer.

Russian imports rose as Chinese independent refiners extended purchases of discounted Russian supplies that elbowed out rival cargoes from West Africa and Brazil. China’s purchases have climbed in order to reap the benefits of a plunge in European buying just when Beijing needs it most as the Ukraine crisis pushes Moscow in search of alternative markets.