China Continues To Be The Major Buyer Of Russian Oil

Kozmino oil loading port. kozmino.transneft.ru  

OilPrice.com: China Snaps Up Record-High Volumes Of Russian Crude In The First Half Of 2023 

* In the first half of 2023, China imported 2.13 million barrels per day of Russian crude oil, making Russia its single biggest supplier. 

* In June, China once again imported record-breaking levels of Russian crude, a 44% increase compared to the same month in 2022. 

* Total Chinese oil imports are also soaring, with the country importing the second-highest monthly import figure on record in June. 

Despite an apparent weakness in its economy, China is importing record volumes of oil and is buying record amounts of Russian crude to add to stockpiles. 

During the first half of 2023, Chinese imports of Russian crude oil averaged 2.13 million barrels per day (bpd), which helped Russia oust its OPEC+ partner Saudi Arabia from the top spot as the single biggest supplier to the world’s top crude importer so far this year, per Financial Times estimates based on Chinese customs data. Imports from the world’s top crude oil exporter, Saudi Arabia, averaged 1.88 million bpd between January and June, according to FT’s calculations.  

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WNU editor: I expect even more Chinese oil purchases for the second half of this year. After the Wagner mutiny China is now all in on supporting Putin.