Bloomberg: China increases dependence on Russian energy resources

After the start of the military operation in Ukraine, China increased the supply of oil, oil products and coal from Russia by approximately 75%, reports Bloomberg. Since February, the export volume of Russian energy resources to China has amounted to $35 billion (against $20 billion for the same period in 2021). It is clarified that China buys part of the energy carriers at low prices.

According to the agency, Russia is now the main supplier of fuel to China, displacing Indonesia from the first position due to the inability for the Asian country to compete with Russian pricing policy.

Despite the fact that compared to previous months, Russia began to supply less crude oil and LNG to China, the export volumes of the mentioned resources still remain at a higher level than in 2021 (+8% and +20%, respectively).

Over the past year, Russia has also repeatedly increased export of energy resources to India, becoming one of the leading net exporters in this area. As Reuters reported, in May, the volume of Russian oil supplies to India reached 819 thousand barrels daily (compared to 277 thousand in April).

Read more about the export of Russian oil to China – in the material “Kommersant” “Russian oil spilled over China”.

Andrey Sapozhnikov