INSUBCONTINENT EXCLUSIVE:
globally, bought a record-breaking 107 million tons of Russian crude in 2023.This quantity shows a significant increase, nearly one-quarter
barrels daily.Chinese refineries have actively sought Russian crude, often at prices lower than market rates
Despite the Western price cap of $60 per barrel, Russian oil frequently sells for more.Factors Driving the Shift in Chinese Oil ImportsThe
popularity of Russian ESPO shipments, originating from the Far East, is due in part to the shorter shipping distances to China
Higher sale prices from Saudi Arabia have led Chinese processors to reduce their dependence on Saudi oil.Moreover, a recent disagreement
ranked as the third and fourth largest oil providers to China last year, respectively.Interestingly, oil and fuel from countries facing
Following Russia, Malaysia emerged as the second-biggest exporter, supplying 6.93 million tons.
