Russia Becomes China’s Largest Source Of Petroleum

Russia overtook Saudi Arabia as China’s largest source of petroleum in May.

They significantly increased their imports from Russia.

From Fox Business: 

Russia has overtaken Saudi Arabia as China’s top importer of crude oil as its once largest importer, the European Union, continues to shun Russian oil over the war in Ukraine.

Last month, China imported nearly 2 million barrels per day (bpd) – a 55% increase from May 2021, and a nearly 20% increase from April, according to the latest statistics from China’s General Administration of Customs.

By comparison, China’s imports of Saudi crude in May averaged around 1.84 million bpd – up just 9% compared to May 2021, but down from 2.17 million bpd in April, according to the data cited by Reuters.

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