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China's import demand has been growing steadily, and Russia, as China's largest oil country, continues to provide a stable source of oil. According to data from the General Administration of Customs of China, in 2023, Russia's oil exports to China exceeded 100 million tons for the first time, reaching 10.7 billion tons, an increase of 24% over the previous year. This data shows the close energy cooperation between China and Russia, and also brings greater guarantees for China's energy security.
Russia has become China's largest oil country, mainly because it is more competitive. In 2023, the average unit price of China's oil imports from Russia is 598$4 tons (about 81.)$6 per barrel), which is $8 less than Saudi oil imports**. This makes Russian oil more popular in the Chinese market. Moreover, due to a large number of pipeline transportation, China's imports of Russian oil are about the same as those of India, which further increases the competitiveness of Russian oil in the Chinese market.
Russian oil is not only supplied to the Chinese market, but also has become an important energy source for EU countries**. However, EU countries imposed comprehensive sanctions on Russia, resulting in a direct embargo on Russian oil to the European market. However, the EU countries are still not able to completely get rid of the problem of energy **, they need to import Russian oil indirectly from other countries, and India becomes their main option.
Due to the Russia-Ukraine war and the conflict in the Middle East, global energy** has been severely affected. The EU countries, in particular, are facing unprecedented difficulties with natural gas**. Due to the lack of Russian energy**, EU countries have had to buy Russian oil from third parties such as India, and ** is also relatively high. India's oil exports to Europe have soared to unprecedented levels, and EU countries have had to buy cheap oil from Russia, which also means the result of the failure of Western sanctions against Russia. However, this approach increases the cost of EU countries and causes a lot of trouble for their economic development.
In addition to oil, Russia's liquefied natural gas (LNG) has also become one of China's important energy imports. In 2023, China bought 8 million tons of LNG from Russia, up 23% year-on-year. Despite the decline in Russian LNG production, China has increased the proportion of Russian LNG purchases, becoming the third largest LNG country in Russia. Australia and Qatar became the first and second largest LNG countries, respectively.
Overall, the energy cooperation between China and Russia has continued to develop, and Russia has become China's largest oil country and an important liquefied natural gas country, providing important support for China's energy security and economic development. However, the sanctions imposed by EU countries on Russia still have an impact on energy**, and they have to buy Russian oil from third parties such as India, resulting in an increase in energy costs in EU countries and a suppression of economic development. With the growth of the world's energy demand, China and Russia still have more room for development in energy cooperation, which can further strengthen cooperation, break down the barriers of sanctions, and jointly promote the development and prosperity of the energy sector.
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