China's Russian oil imports rise 11.3% amid Middle East instability
According to data from Chinese customs, in April, China’s crude oil imports from Russia experienced an 11.3% increase compared to the previous year, reaching almost 9 million tonnes. Despite a 10.8% decline in volume, the value of these imports rose by 16.2% in US dollar terms from the previous month. Following the US's announcement of temporary sanctions waivers for oil already aboard tankers, global demand for Russian oil has surged, with a 30-day extension revealed on Monday. Chim Lee, a senior analyst at the Economist Intelligence Unit, remarked that Russian oil prices are now comparable to Brent crude, despite the existing discount.
Key facts
- China's crude imports from Russia rose 11.3% year-on-year in April to nearly 9 million tonnes.
- Value of imports rose 16.2% month-on-month in US dollar terms.
- Quantity of imports fell 10.8% month-on-month.
- US introduced temporary sanctions waivers for oil loaded onto tankers.
- US announced another 30-day extension of the waiver on Monday.
- Global demand for Russian barrels has surged.
- Competition for available Russian supply has intensified.
- Russian oil is trading at prices similar to Brent crude, according to Chim Lee.
Entities
Institutions
- Economist Intelligence Unit
Locations
- China
- Russia
- United States
- Middle East