Russia replaces Saudi Arabia as China’s biggest crude oil supplier
Russia has become China’s biggest supplier of oil as the country sold discounted crude to Beijing amid sanctions over the Ukraine war, media reports said.
Imports of Russian oil rose by 55 per cent from a year earlier to a record level in May, displacing Saudi Arabia as China’s biggest provider, BBC reported.
China has ramped up purchases of Russian oil despite demand dampened by Covid curbs and a slowing economy.
Chinese companies, including state refining giant Sinopec and state-run Zhenhua Oil, have increased their purchases of Russian crude in recent months after being offered heavy discounts as buyers in Europe and the US shunned Russian energy in line with sanctions over its war on Ukraine, BBC reported.
