China’s imports of crude oil from Russia in May 2022 have surged to a record 55% from a year earlier in the same month. China, thus, has displaced Saudi Arabia as the leading oil supplier, as refiners cashed in on discounted supplies amid sanctions on Moscow.
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, totalled 8.42 million tonnes, equivalent to 1.98 million barrels per day (bpd) and up a quarter from 1.59 million bpd in April. China is the world’s biggest crude oil importer.
Chinese firms, including state refining giant Sinopec and state-run Zhenhua Oil, have ramped up purchases of Russian oil, enticed by steep discounts after western oil majors and trading houses pulled back due to sanctions.
Saudi Arabia trailed as the second-largest supplier, with May volumes up 9 percent on year at 7.82 million tonnes, or 1.84 million bpd. This was down from April’s 2.17 million bpd.
