Russia is no longer the top supplier of crude oil to China, the latest data from China’s General Administration of Customs indicates. Despite a large discount offered by Russia and friendly relations between the two countries, it was overtaken by Saudi Arabia as the leading supplier of crude.
According to statistical data, Russia exported 8.34 million tons of the commodity to China in August, up by 21% from a year earlier. Many independent Chinese oil refineries took advantage of the discount on Russian crude to buy the commodity at lower prices. Saudi Arabia shipped 8.47 million tons of crude oil to China in August, 5% above the previous year’s levels. Year-over-year, Saudi Arabia sold China 58.31 million tons of crude oil, well above the 55.79 million tons exported by Russia. The Middle Eastern country continues to be China’s main supplier of the commodity.
Furthermore, Saudi Arabia overtook Russia in the Indian market as well. Saudi oil exports to India increased by 4.8% to 863,950 barrels per day, while Russian exports decreased by 2.4% to 855,950 barrels per day. Currently, Iraq remains the country’s leading supplier of crude oil.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
-
Grand Choice
Contest by
InstaForexInstaForex always strives to help you
fulfill your biggest dreams.JOIN CONTEST -
Chancy DepositDeposit your account with $3,000 and get $1000 more!
In April we raffle $1000 within the Chancy Deposit campaign!
Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.JOIN CONTEST -
Trade Wise, Win DeviceTop up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.JOIN CONTEST