Russia Emerges as Top Oil Supplier to China, Overtaking Saudi Arabia and Boosting Energy Stocks.

Chevron and other energy stocks rose as US oil futures hit 15-month lows, while Russia overtook Saudi Arabia as China's top oil supplier in the first two months of 2023. Despite EU and US sanctions, China's oil imports rose 12% in February compared to last year, with crude imports from Russia totaling 15.68 million tons. Meanwhile, Goldman Sachs trimmed its 2023 oil price forecast due to banking sector concerns, but recent oil demand forecasts from OPEC and the IEA may offer prices some relief.