China sharply reduced purchases of Russian oil


According to Bloomberg, citing sources from China’s General Administration of Customs, oil supplies from Russia to China fell by 21% in June.

Last month, Russian oil exports to China were 4.11 million tons of oil per day, against 5.24 million tons in May.

Russian oil was replaced by supplies from Saudi Arabia, Angola, and Iran.

Once again Saudi Aramco has stolen the status of China‘s largest oil supplier from Rosneft by increasing exports by 12%: to 4.57 million tons.

Iran increased its supplies by 21%: from 2.63 million tons in May to 3.21 million tons in June.

Angola increased its exports by 20%: to 3.71 million tons.

As previously reported to Reuters, after the expansion of the field “Shaybah” on the border with the UAE, Saudi Arabia has got additional volumes of oil that it had to sell at a discount.

Also, Saudi Aramco announced the reduction of the official price starting from August.

Following the Saudis, Iraq, Kuwait, and Iran also announced discounts.