Oil, Beijing refineries are receiving Russian crude supplies with price discounts of up to 30%
Russia one, Saudi Arabia zero: Moscow beats Riyadh and becomes the main supplier of Petroleum of the China, in spite of the US and allied sanctions against Fly for the aggression of Ukraine. Beijing refineries are indeed receiving Russian oil supplies with a strong discount on prices, pushing the country’s imports by 55% per annum in May.
The purchases of Russian oilincluding supplies through the Eastern Siberia, Pacific pipeline and sea shipments, totaled nearly 8.42 million tons, according to figures released today by the General Administration of Chinese Customs, while shipments from Russia to China they were almost 2 million barrels a day with an increase of about 25% compared to 1.59 million in April.
Chinese companies, like Sinopec, benefited from sharp price cuts after Western companies pulled out of the Russian market due to sanctions imposed over the war in Ukraine. In May theSaudi Arabia it delivered 7.82 million tons or 1.84 million barrels of oil to China, 9% more than the previous year. This is about a 15% drop from 2.17 million barrels per day in April.
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