Bloomberg: China increased energy purchases from Russia by 75%
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China bought $35 billion worth of oil, oil products, gas and coal from Russia from March to July, compared to $20 billion in the same period in 2021, writes Bloomberg.
PRC customs data showed an increase in oil imports to 7.15 million tons (+8% compared to 2021), coal – up to 7.4 million tons (+14%), and coking coal – up to 2 million tons (+63 %). Russia has become the main supplier of fuel to China, displacing Indonesia, while part of the supplies are carried out at reduced prices, Bloomberg notes.
Imports of Russian gas (+20%), aluminum (+16%), palladium (+29%) and wheat (+52%) also increased. Imports of oil and nickel decreased by 20% and 10% respectively.
As Bloomberg reported earlier, the minimum volume of oil production in Russia was observed in April and amounted to 10 million barrels per day, since then production has only grown, including due to the reorientation of exports to the markets of China and India.
According to the International Energy Agency (IEA), in June, the total volume of Russian oil supplies to China amounted to 2.1 million barrels per day and for the first time exceeded exports to the EU, which amounted to 1.8 million barrels per day. China accounted for about 35% of oil exports from Russia, which amounted to about 20% of all oil imported by China.
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