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Sinopec oil tank in Wuhan: China recently received almost two million barrels a day from Russia
Photo: REUTERS/Stringer
While the western world is trying to emancipate itself from Russian energy, China is going the opposite way: in May Russia sold more oil to the People's Republic than ever before, making it the largest oil supplier to the People's Republic.
Specifically, China imported almost 8.42 million tons of crude oil from Russia last month, according to the customs authority in Beijing.
That is almost two million barrels per day and 55 percent more than a year ago and about a quarter more than in April.
After 19 months, Russia has again ousted Saudi Arabia from being China's largest oil supplier.
Saudi Arabia, on the other hand, delivered 7.82 million tons or 1.84 million barrels per day of oil to China in May, nine percent more than in the previous year.
However, this is a drop of around 15 percent from April's 2.17 million barrels per day.
Closer economic relations agreed
Chinese companies like the major refiner Sinopec are benefiting from sharp price cuts by Russia after Western oil companies and trading houses withdrew from the Russian market due to sanctions over the Ukraine war.
India had also recently expanded its oil imports from Russia.
Meanwhile, the EU is planning an extensive ban on imports of Russian oil.
However, this only affects transports with oil tankers by sea, pipeline oil was excluded from the embargo at the urging of Hungary in particular.
The EU embargo should also take effect with sometimes long transition periods.
While the West is sanctioning, Russia agreed with China last week to further expand economic cooperation.
Moscow and Beijing want to cooperate more closely in the areas of energy, finance, industry and transport, among other things.
Presidents Vladimir Putin and Xi Jinping also recently spoke about the development of military relations.
China has been remarkably reluctant to criticize the Russian war in Ukraine.
Several weeks earlier, Putin and Xi had agreed that relations between the two sides would have "no borders."
It is unclear whether Xi knew about the Russian attack plans at the time.
Apr/Reuters
