China Review News (CRN) recently reported that Russia has decided that, over the next five years, it will double the amount of oil it supplies to China. This will make China Russia’s biggest purchaser of oil. A series of agreements will be signed very soon. Russia’s largest oil producer, Rosneft, is reportedly the primary supplier. In addition to oil agreements, more agreements could be reached during China’s new President Xi Jinping’s visit to Moscow. Other deals may include arms delivery and natural gas contracts. Anonymous sources also suggested that the oil agreements include loans of over $30 billion to Rosneft. In recent years, Russia has been shifting the focus of its oil exports to Asia. Oil that Russia has been providing to Europe has been on the decline while the market saw a fifteen percent increase this year in oil supplied to the Asia-Pacific region.
Source: China Review News, March 21, 2013