By: Lcda. Arianna F Naveda, Inspenet. June 21, 2022
The place previously occupied by Saudi Arabia now belongs to Russia, a country that has become the largest supplier of oil to China. The Asian giant increased imports from Russia by 54.84%, according to figures for the month of May.
This is 8.41 million tons of crude that moved from Russia to Beijing during the past month. It was 2.98 million extra tons compared to last year. This fact leaves Saudi Arabia in second place with an export of 7.81 million tons when referring to the same period.
The invasion of Ukraine has put Russia’s export of crude oil to Europe at risk. This has caused the country to reduce its costs and Chinese state-owned companies such as Sinopec and Zhenhua have taken advantage of the attractive discounts.
The business established between Russia and China has borne fruit in the long term, since in February the Russian company Rosneft and the China National Petroleum Corporation agreed to supply crude oil for a decade through pipelines in Kazakhstan.
It is noteworthy that Beijing has stated its position on the conflict between Russia and the West, ensuring that sanctions “do not help solve problems but create new ones.” The Chinese government thus reiterates its support for Moscow and it is necessary that the interests of the nation and those of its “strategic partner” be respected.
Publisher: Lcda. Arianna Flores Naveda
Source: https://www.eluniversal.com/economia/129739/china-convierte-al-petroleo-rusia-en-su-principal-fuente-de-crudo
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