China has increased its purchases of Russian oil

China has increased its purchases of Russian oil
Photo by Hanny Naibaho / Unsplash

China has increased its purchases of oil from Russia, Bloomberg reported citing Energy Aspects.

At least three supertankers carrying Russian Urals crude, which was bought by state oil and gas companies PetroChina Co. and CNOOC, are on their way to China. Sinopec. According to analysts, they may increase their purchases of Urals in the coming months. According to Energy Aspects, the Chinese government is ready to allow more big companies to buy Russian oil.

China's daily oil imports from Russia could rise by 500,000 barrels this year, to around 2.2 million barrels or even 2.5 million, experts predict.

Russia ranked second for oil exports to China in 2022, with 86.25 million tonnes of crude (1.72 million barrels per day). In first place was Saudi Arabia. Russia's main competitor in this market supplied 87.49 million tonnes of oil to China. At the same time, China bought eight percent more Russian crude compared to 2021.