Saudi Arabia again bypassed Russia on oil supplies to China

According to RBC, referring to the data of the General Customs Administration of China, China received $58.4 billion worth of oil from Russia. Riyadh has become the main supplier of fuel to China. Last year, the price of Russian oil for Beijing per unit of delivered volume was 8.9% lower than the cost of oil from Saudi Arabia.

After the European embargo on oil imports from Russia came into force, the discount of Russian oil compared to Arabian oil increased to 11.6%.

During December 2022, China purchased 6.47 million tons of raw materials from Moscow - this is the lowest figure since last March. By the way, Saudi Arabia occupies a leading position in terms of oil supplies to China for the fourth year in a row. Russia overtook the kingdom in this indicator for the last time in 2018. Earlier this week, Western media reported that after the introduction of a ceiling on energy prices from the Russian Federation, at least four Chinese supertankers transported Russian Urals to China.

China and India continue to buy Russian oil, despite Western sanctions.