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China imported more Russian oil in November

2023-12-20 07:21:11, Kosova & Bota CNA

China imported more Russian oil in November

Russia was China's top supplier of oil in November despite a rise in the price of the crude fuel, data showed, while Saudi Arabia continued to cut supplies.

Data from the General Administration of Customs showed that China's imports from Russia, including pipeline supplies and tanker shipments, totaled 2.19 million barrels per day.

Russian shipments rose 9% to 2.01 million bpd in October, compared with declines in September and October, and marked a 15.2% increase from a year ago.

Russian crude oil imports for the first 11 months of 2023 rose 22.2%, the data show.

Saudi Arabia's crude oil exports totaled 1.61 million barrels per day, down about 0.2% from a year ago. From July to November, Saudi Arabia raised prices for Asian refineries.

The trend prompted some Chinese refiners to cut back on Saudi imports and buy cheaper oil in other markets.

Riyadh's unilateral oil production cuts of about 1 million barrels per day will continue until the end of the year. Moscow has also pledged to extend the export cut by about 300,000 barrels per day until the end of the year.

These cuts were widened and deepened even further during the meeting of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) in November.

Saudi Arabia announced that cuts in its oil production would continue into the first quarter of next year, while Russia said output cuts would amount to 500,000 barrels per day.

Russian crude, which has been sanctioned by the West, continued to attract buyers in November as China competes with India. The seven most industrialized nations are trying to maintain the effectiveness of Russia's $60-a-barrel oil cap as shipping and insurance alternatives multiply.

Chinese refiners use middlemen to transport and secure Russian crude oil to circumvent Western sanctions over the war in Ukraine.

Despite geopolitical tensions between Beijing and Washington, rising US crude production means China continues to import higher amounts of US oil. China imported 1.06 million tons of US crude oil in November, an increase of 82.4% compared to a year ago./ VOA





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