LONDON/SINGAPORE : Russia remained China's second-largest source of crude oil in 2022, following repeat top supplier Saudi Arabia, as Chinese refiners snapped up low-cost Russian barrels while Western countries shunned them after the Ukraine crisis.China's crude oil imports from Russia jumped 8 per cent i
LONDON/SINGAPORE : Russia remained China's second-largest source of crude oil in 2022, following repeat top supplier Saudi Arabia, as Chinese refiners snapped up low-cost Russian barrels while Western countries shunned them after the Ukraine crisis.
China, which refused to condemn the attack, cranked up procurement of Russian barrels and has largely ignored the sanctions imposed by Western nations on seaborne Russian crude from Dec. 5. Saudi Arabia shipped a total of 87.49 million tonnes of crude to China in 2022, equivalent to 1.75 million bpd, customs data showed, on par with the level in 2021.
Customs data also showed that crude imports from Malaysia almost doubled in 2022 to 35.68 million tonnes. The Southeast Asian country is a transfer point for sanctioned shipments originating from Iran and Venezuela.
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