FX.co ★ OPEC worries about rise in oil supply from Russia to China

A rise in oil supplies from Russia to China concerns the members of OPEC (Organization of the Petroleum Exporting Countries). Currently China is the most promising market after the United States began to extend oil production and to reduce imports of black gold. Last year, according to the data of the Chinese General Administration of Customs, China increased crude oil purchases from Russia, thus reducing oil imports from Saudi Arabia by 8% and from Venezuela by 11%. Saudi Arabia did not manage to stay on the Chinese market for long even despite the cut of oil purchase price to the lowest level since 2008 for the Asian countries in November 2014.
What is more, Saudi Arabia loses its positions in the United States. Sushant Gupta, analyst at Wood Mackenzie, predicts that volumes of oil exported to China from the Russian Federation will grow and exceed 50 million tons a year (about 1 barrel a day) by 2020.