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Russia leads crude suppliers to China

  • Author:naky
  • Source:www.diecastingpartsupplier.com
  • Release on:2015-07-02
Russia was China’s largest supplier of crude oil for the first time on record in May, as Moscow looks beyond Europe for customers and grows itsties in the east.
The country It leapfrogged Saudi Arabia, the world’s largest oil exporter, sending almost 930,000 barrels a day to China, up 21 per cent since April, according to customs data published yesterday.
Saudi Arabia dropped from the top spot to number three, below even Angola, with sales falling to 722,000 b/d, down almost 43 per cent from the month before.
Sino-Russian ties have warmed as sanctions over the conflict in Ukraine have strained Moscow’s relations with the west.
Analysts said the data were the result of a string of oil-for-loan deals that China, which is in the process of overtaking the US as the world’s biggest importer of crude, has signed with Russian oil companies including state-backed Rosneft.
“Russian imports are likely to stay high over the next several years as these long-term crude supply contracts kick in,” said Amrita Sen, head of oil research at Energy Aspects in London.
“By our records, which started in 2007, this is the first time Russia is China’s top crude supplier,” she added.
The data can be volatile and still show Saudi Arabia as a major supplier to China — the kingdom’s April exports were the highest in three years. But the latest import numbers illustrate how Russia, the largest exporter outside the Opec cartel, is gaining ground.
Russian exports to China have more than doubled since 2010. The figures also show how China is importing more from countries where it can bring its financial muscle into the equation.
Russia, which is the world’s largest oil producer, has sought to diversify its export market away from Europe. , particularly as US and EU sanctions have intensified hostilities.
Its growing presence will only put pressure on Saudi Arabia and other Opec oil producers that are battling to secure long term customers and market share, analysts said.

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