On June 23, 2015, according to media reports, due to the increasing fighting for the market share of the world’s second largest oil consumer country, Russia surpassed Saudi Arabia as China’s largest crude oil supplier in May.
Russia exceeds Saudi Arabia to become China's largest crude oil supplier
According to statistics released by the State General Administration of Customs of China on June 23 via email, China imported a record 392 million tons of crude oil from its northern neighbors in May, equivalent to an average daily import of 927,000 barrels of crude oil, which was substantially larger than in April. Increased by 20%. Saudi Arabia’s crude oil exports to China in May were significantly reduced by 42% from the previous month to 3.05 million tons.
As the ever-increasing production of shale oil fields from Texas to North Dakota has reduced the dependence on overseas supplies by the world’s largest crude oil consuming country, the United States is becoming a key market for global oil exporters. The International Energy Agency, headquartered in Paris, predicted this month that China’s crude oil demand this year will account for more than 11% of the world’s total demand.
As Russia sought new markets for domestic crude oil production under Western sanctions, Russia has become China's largest crude oil supplier for the first time since October 2005. In 2013, Russian oil company agreed to supply 365 million tons of crude oil to China National Petroleum Corporation within 25 years under a US$270 billion agreement. Also in 2013, Russian oil and Sinopec Group Company reached a 10-year, $85 billion oil supply agreement.
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