The country's fortune is promising, and China's imports of Russian oil have exceeded 100 million tons
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China became the largest buyer of Russian oil.
China and Russia are getting closer and closer in the oil sector. According to the General Administration of Customs of China, Russian oil exports to China exceeded 100 million tons for the first time in 2023, reaching 10.7 billion tons, up 24% from 2022. This makes Russia the largest oil country in China. Meanwhile, Saudi Arabia is in second place with 86 million tonnes of oil** and Iraq is third with 59 million tonnes. The average unit price of China's oil imports is 598 per tonne4 yuan (about 81 per barrel.)6 yuan), with a total of 60.6 billion yuan, a year-on-year increase of 35%。This indicates the huge growth of China's dependence on Russian oil and the scale of its imports.
Expansion: The oil partnership between China and Russia is growing rapidly. As the world's second-largest economy and a major energy consumer, China's demand for oil has remained high. And Russia, as one of the world's largest oil exporters, has abundant oil resources. Therefore, China chooses to import oil from Russia, which can not only meet domestic energy demand, but also ensure the stability of energy **. Russian oil is of high quality and low price, which means that China and Russia continue to prosper.
Russia's oil price advantage.
The relatively low level of Russian oil** makes it competitive in the international oil market. According to statistics, in 2023, the unit price of China's imports from Russia** will be 5666 yuan (about 77 per barrel.)3 yuan), down 166%。In comparison, the unit price of China's imports from Saudi Arabia** is 626 per tonne8 yuan (about 85 per barrel.)5 yuan), which is 8 yuan more per barrel than in Russia***. According to analysis, this is due to Russia's extensive use of pipeline transportation, which makes China's imports of Russian oil slightly lower than those imported from India. India's imports of Russian oil ranged from 74 yuan barrels at the beginning of last year to 85 yuan barrels at the end of last year. This suggests that China can gain more cost advantages by buying oil from Russia in 2023 at a relatively low** price.
The EU continues to buy Russian oil.
Although the EU has imposed comprehensive sanctions against Russia, it is still necessary to buy oil from Russia. It is reported that European countries buy Russian oil through third parties such as India. India buys cheap oil from Russia and then processes it and sells it to Europe, which gives the EU access to cheap Russian oil**. This allows the EU to maintain its dependence on Russian oil while circumventing sanctions against Russia. However, this practice led to the fact that European countries had to pay higher ** for Russian oil, which had a negative impact on the development of the European economy.
Summary. China has become the largest oil country in Russia, with an increase in imports and obvious advantages. The European Union, on the other hand, uses third parties such as India to buy cheap Russian oil at a higher rate, thereby circumventing sanctions against Russia. These changes reflect China's dependence on Russian oil and pressure from the EU's energy**.
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