Russia overtakes Saudi Arabia as largest supplier of oil to China

26-Jun-2015

Russia has overtaken Saudi Arabia as the largest supplier of oil to China for the first time, sending almost 930,000 barrels a day last month – up 21% on April.

China imported 3.92m tonnes of crude oil from Russia in May. In comparison, oil imports from Angola and Saudia Arabia totalled 3.26m tonnes and 3.05m tonnes respectively.

Russian exports to China have more than doubled since 2010, according to analysis by the Financial Times.

As western sanctions over the Ukraine crisis started to bite, Moscow has had to seek alternative markets and friends. It has been, understandably, keen to strengthen ties with Beijing.

Russia steps up relations with China
The fact that Russia now accepts yuan for oil payments (Saudi Arabia doesn’t) undoubtedly also helped it top the oil supplier ranking. (Ami Sedghi from the Guardian)


Also, here is our take on a Saudi Russian alliance on oil.