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In June, for the second month in a row, Russia was China’s main supplier of oil, as buyers are avoiding buying Saudi Arabia’s crude oil, taking advantage of cheap supplies being offered by Moscow.
According to market data released by Reuters on July 20, Chinese imports of Russian oil were 7.29 million tons in June, or almost 10 percent more than a year ago. The amount of Russian oil was more than 2 tonnes more than China has bought from Saudi Arabia, Beijing’s traditional oil supplier.
Radio Free Europe writes that with Western consumers shunning oil from Russia because of its invasion of Ukraine, Moscow has turned to markets in Asia and elsewhere to fill the gap.
Bloomberg reported on July 19 that India imported almost 1 million barrels of oil per day in June. Earlier, this country had almost no import of Russian oil.
Crude shipments to China have reportedly stalled in recent weeks, a sign that Asia may not be equipped to fully absorb Russian oil as expected.
The data also showed that China’s imports of Russian liquefied natural gas reached 52,530 tons, the second-highest monthly volume since 2021.
Russia has cut off supplies to several European countries because they are refusing to pay for Russian oil in rubles.
The West has imposed sanctions on Russia over the war in Ukraine and cut Moscow off from financial institutions and international payment systems.
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