FX.co ★ Russia no longer China’s top oil supplier

Russia is no longer the top supplier of crude oil to China, the latest data from China’s General Administration of Customs indicates. Despite a large discount offered by Russia and friendly relations between the two countries, it was overtaken by Saudi Arabia as the leading supplier of crude.

According to statistical data, Russia exported 8.34 million tons of the commodity to China in August, up by 21% from a year earlier. Many independent Chinese oil refineries took advantage of the discount on Russian crude to buy the commodity at lower prices. Saudi Arabia shipped 8.47 million tons of crude oil to China in August, 5% above the previous year’s levels. Year-over-year, Saudi Arabia sold China 58.31 million tons of crude oil, well above the 55.79 million tons exported by Russia. The Middle Eastern country continues to be China’s main supplier of the commodity.

Furthermore, Saudi Arabia overtook Russia in the Indian market as well. Saudi oil exports to India increased by 4.8% to 863,950 barrels per day, while Russian exports decreased by 2.4% to 855,950 barrels per day. Currently, Iraq remains the country’s leading supplier of crude oil.