Russia lost its status as the largest supplier of oil to China

Who took her place?

Russia at the end of 2019 have lost their status as the largest supplier of crude oil to China. First, according to China customs, returned to Saudi Arabia, developing the supply by almost 1.5 times, writes finanz.ru.

According to Reuters, at the end of the year, China bought Saudi Agama 83,32 million tons, or 1.67 million barrels a day.

It on 7% more than supplies from Russia, which amounted to 77,64 million tons, or 1.55 million barrels per day. At the end of the year, Russian oil companies managed to increase exports to China by 9% due to sales of ESPO independent refineries (the so-called “samovars”).

However, this growth was 5 times lower than the explosive jump Saudi of supplies (47%). Saudi oil replaced in China collapsed imports from Iran, Venezuela, and also sharp reduction of supplies from the United States, which in the second half has almost fully stopped the aggravation of the trade war.

For the 12 months, the United States sold to China to 6.35 million tons – twice less than the previous year.

Supplies from Iran also tumbled by half to 14.77 million tons. However, according to customs data, they continued even in December (405 thousand tonnes), despite sanctions and Washington’s demands to completely cease oil trade with Tehran.

Import from Venezuela, also under sanctions, fell by one – third to 11.39 million tonnes. Therefore, Riyadh has become the main beneficiary of the us sanctions in the amount for the year China will replace 20 million tonnes of Iranian and Venezuelan oil purchases from Saudi Aramco.

In 2020, China, recall, pledged to dramatically increase oil purchases in the United States. In the first phase of a commercial transaction, which Donald Trapm and Vice-Premier of the state Council of the PRC Liu he signed on January 15, Beijing has agreed to spend in 2020 18.5 billion dollars for the purchase of purchasing energy commodities, including oil, LNG, petroleum products and coal.

In 2021, this import is expected to grow to 33.0 bn dollars.