energy-and-trade2.715 min read "China's 2023 Top Oil Supplier: Russia Surpasses Saudi Arabia"
Despite Western sanctions, China defied restrictions to make Russia its top crude oil supplier in 2023, surpassing Saudi Arabia. Russia shipped a record 107.02 million metric tons of crude oil to China, benefiting from significant discounts due to sanctions. Chinese and Indian refiners' accelerating demand for discounted oil pushed prices up, while Saudi Arabia raised its oil prices. Chinese refiners used intermediary traders and trans-shipment points to handle Russian crude and circumvent sanctions. China's overall crude imports for 2023 reached a record high of 563.99 million metric tons.
2 years ago•Source: Reuters.com
