SINGAPORE - China's crude oil imports from Russia have jumped 55% from a year earlier to a record high since May 2022.

Russia has succeeded in shifting Saudi Arabia as the main supplier. One reason is that Russian oil refining companies are offering massive discounts amid sanctions against Moscow over its invasion of Ukraine.

China Continues to Strengthen Oil Reserves by Buying from Russia According to data from China's General Administration of Customs, Russia's oil imports of nearly 8.42 million tonnes on Monday included supplies pumped through the East Siberian Pacific Ocean pipeline and sea shipments from European and Far Eastern ports. Russia.

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The supply was equivalent to 1.98 million barrels per day (bpd), up a quarter from 1.59 million bpd in April. Launching from Reuters, China as the world's largest oil importer continues to buy Russian oil. Chinese oil and gas giants such as Sinopec and Zhenhua Oil are increasing their oil purchases from Russia because they are attracted by massive discount offers. China's oil purchases to Saudi Arabia are declining in volume.

Oil purchases from Saudi Arabia only increased 9% YoY at 7.82 million tons or around 1.84 million bpd. The number was down from 2.17 million bpd in April. Russia topped China's oil import rankings.