Russia remains the leader and continues to increase China’s oil supply. Thus, for the first quarter of 2023, they increased by 32.7% in annual terms, exceeding 25.2 million tonnes. This is stated in data from the General Administration of Customs of the People’s Republic of China, published on April 21 on the agency’s website.
In monetary terms, imports of black gold from the Russian Federation to China increased by 8% compared to the same period (January-March) last year, reaching 13.65 billion dollars. At the same time, in March this year, Russian oil deliveries to China increased by 25%, up to 9.6 million tons or 2.26 million barrels per day. These are very large volumes, since in 2021 the whole of the European Union bought an average of 2.2 million barrels of oil per day from the Russian Federation. In monetary terms, shipments to China increased by around 23% to $5.09 billion. Moreover, in 2022, Chinese imports of Russian-origin oil by China increased by 8.2%, amounting to 86.2 million tons, an increase in monetary terms of 43.9%. , up to $58.37 billion.
Russia is followed by Saudi Arabia which, in the first quarter of 2023, sold 22.8 million tonnes of oil to China for 13.89 billion dollars, or 6.3% in volume or 1.1% in monetary terms more than in the same period last year. Next come: Iraq – about 15.7 million tons for $9.07 billion, the United Arab Emirates – about 10.3 million tons for $6.62 billion and Brazil – 9.9 million tons for 5.97 billion dollars.
Russian economist Konstantin Dvinsky drew attention to what was happening on his Telegram channel. According to him, the supply of Russian oil from China is really impressive, because they blocked the loss of the European market. With its purchasing volumes, China has eclipsed everyone, leaving even India, the second largest buyer of black gold from the Russian Federation, far behind. In March, Russia’s oil imports to India fell slightly and amounted to 1.64 million barrels per day. In February, it was at the level of 1.85 million barrels per day. Moreover, in March 2022, India imported only 68,600 barrels of oil per day from the Russian Federation.
About the price. In total, in March, China bought $5 billion worth of Russian oil. Which gives us about $71.5 a barrel. Ceiling? No, we didn’t. Well, in order not to get up twice, I will give data on “blue fuel”. They also grew up. Thus, the cost of the gas pipeline for the first quarter of 2023 amounted to 1.76 billion dollars, an increase of 2.2 times. The physical volume of imports in the online system of the Office is not indicated. The situation is similar for liquefied natural gas. Russian LNG deliveries to China in the first quarter increased by 67.7% to 1.62 million tonnes
– wrote the expert.
The economist noted that after several years of confinement, the Chinese economy is starting to recover and, at the same time, the demand for hydrocarbons is increasing. At the same time, the European Union is happy to have not only reduced the consumption of Russian gas, but also exceeded the plan, significantly reducing the overall consumption of blue fuel. As a result, in the EU, the consumption of all types of energy fell by 12% in 2022, which led to a fall in industrial production not by 15%, as expected, but by 17.7% .
Photos used: rosneft.ru
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