USAI - Russia tops Saudi Arabia as China's biggest oil supplier

2023-03-21 04:49:29 ET

Russia has surpassed Saudi Arabia to become China's top oil supplier, according to government customs data, with imports rising 23.8% to 1.94M barrels per day in the first two months of 2023.

That may help shed some light on Xi Jinping's visit to Moscow this week, though it also reflects the economics of cheaper Russian crude, with Western sanctions leading to steep discounts on Urals grade cargoes. General Chinese-Russian trade has also soared since the invasion of Ukraine as the two countries build on a "no-limits" partnership proclaimed at the 2022 Beijing Olympics.

Ahead of Xi's visit, Vladimir Putin expressed a willingness to discuss China's peace plan for ending the war in Ukraine, though U.S. Secretary of State Antony Blinken said that the "world should not be fooled" by the blueprint, which would "freeze" in place territory seized by Russian forces.

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