China’s crude oil imports from Russia rose 55 percent in May this year. Through this, Russia has become the top oil exporter to China. Earlier, this position was in the Middle East country of Saudi Arabia. The country’s General Administration of Customs said in a statement. News Reuters.
According to the Chinese Customs Office, China imported a total of 8.42 million tons (6.42 million) of oil from Russia in May. In other words, the country has bought about 2 lakh 61 thousand 612 tons of oil every day.
On the other hand, unlike Russia, China’s oil imports from Saudi Arabia have also increased by 9 percent. In May, the country imported 620,000 tonnes (8.62 million) tonnes of oil and 260,000 tonnes from Iran.
China’s overall crude oil demand has declined due to corona restrictions and the slowdown in the economy. So the country is buying Russian oil at a lower price. Russia, on the other hand, has been facing Western sanctions since the start of the Ukraine-Russia war. So Russia has reduced the price of oil to find buyers. Big countries like China and India are taking that opportunity.