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Russia Continues to Be China’s Largest Oil Supplier

Well-known Chinese news site Sina recently reported that, based on data from China’s General Administration of Customs, Russia was China’s largest oil supplier in 2018, reaching 1.49 million barrels. This represents a 19.7 percent year-over-year increase. Russia has owned the top supplier title for the past three consecutive years. Russian oil represented 15.5 percent of China’s total oil imports last year. For many years, Saudi Arabia was China’s largest oil provider. However, starting in 2015, Russia expanded its reach into the Chinese market, especially in the segment of local smaller refineries. Also, the second Russia-China oil pipeline was formally put in use in January 2018. Saudi Arabia remains as China’s second largest oil provider. China used to be one of the biggest oil buyers for the United States. However, last December, China did not import any oil from the U.S.

Source: Sina, January 25, 2019