Russia remained the biggest supplier of crude oil to China in July, data released by the Beijing government showed on Sunday, despite Russian supplies falling from a previous record as lower discounts and rising domestic demand hurt Moscow’s exports, Reuters reported.
Last month, Russian crude oil supplies rose 13 percent from July 2022 to 8.06 million metric tons, or 1.9 million barrels per day (bpd), according to data released by China’s customs administration.
In the first seven months of this year, Russia delivered 60.66 million tons of crude oil to China, which is 25% more than in the same period of 2022.
In July, shipments from Saudi Arabia of 5.65 million tons of crude oil were down 14% from July 2022 and 31% from June 2023.
Despite Western sanctions and curbs on the price of Russian oil, ESPO crude exported to Asia is priced close to benchmark oil prices as strong demand from India and China lowers the sanctions discount.
In July, ESPO crude was trading at a discount of $5-6 a barrel to North Sea Brent crude, while in March it was $8.50 a barrel, traders said.
Increased demand from Russia will lead to a general decline in Russian exports. (Agerpress)
Source: Hot News
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