Russia Exports Record 8.42M Tons of Oil to China in May – Reuters

Russia Exports Record 8.42M Tons of Oil to China in May – Reuters

Russia exported a report 8.42 million tons of discounted crude oil to China in May amid Western sanctions over Moscow’s invasion of Ukraine, Reuters reported Monday.  

That quantities to 1.98 million barrels per day (bpd), up from 1.59 million bpd in April, in accordance to Chinese customs knowledge cited by the information company.

Russia displaced Saudi Arabia as the highest crude oil provider for China, the world’s largest importer.

Russia final topped the checklist of China’s oil exporters 19 months in the past. 

Informal boycotts by Western oil majors and buying and selling homes consequently of Russia’s warfare in Ukraine have created steep reductions for Russian oil. 

Overall, China’s crude imports rose 12% to 10.8 million bpd in May.

China was Russia’s high power importer through the first 100 days of battle in Ukraine, in accordance to analysis revealed final week.

Russia mentioned final month it expects up to 1 trillion rubles ($14.4 billion) in extra oil and fuel revenues in 2022.

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