Well-known Chinese news site Sina recently reported that, based on the data Bloomberg obtained from the China General Administration of Customs, the volume of Russian oil exported to China increased by 65 percent in November, reaching a record high monthly volume of 3.31 million tons. According to Bloomberg, the average price of these November exports was at US$90 per barrel. However, given the sharp decline in the oil price on the global market, the current standard for oil prices is below US$60. The Russian State Duma recently passed laws to cut the oil export tax. At a press conference earlier, Russian President Putin suggested that the Russian economy must adjust to the reality of oil prices staying at US$40. According to Chinese Customs records, China’s imports from the largest OPEC oil exporter, Saudi Arabia, were in their second consecutive month of decline, which is the equivalent of a 5.9 percent decline year-over-year. The Russian Ministry of Energy recently mentioned that, during January to September, Russian oil exports to China increased by 45 percent year-over-year.
Source: Sina, December 24, 2014