Note China and Saudi Arabia
China, the world’s second largest economy, ranks first in the world in terms of importing energy resources. The Asian country resorts to a number of countries to supply oil derivatives, including Russia.
In this context, China raised Saudi Arabia’s share of its oil imports, as Saudi oil imports recorded their highest levels since May 2020, as they jumped by 38% in April, compared to what they were a year ago.
The newspaper “Sabq” quoted official data for Chinese customs stating that Saudi shipments amounted to 8.93 million tons last month, equivalent to 2.17 million barrels per day, while purchases amounted to 1.61 million barrels per day in March, and 1.57 million barrels per day a year ago.
The rise in Chinese imports of Saudi oil coincides with the increase in its imports from Russia, which is the second largest supplier, by 4% last month compared to a year ago, with shipments seized before Western governments tightened sanctions following the launch of the Russian military operation on Ukraine on February 24.
Earlier, Russian Deputy Prime Minister Alexander Novak indicated that if the European Union rejects Russian oil, it will be redistributed to the world market, and Russia will send its oil to where the raw materials will go to Europe.
Speaking at the “Nove Gorizonte” forum, Novak added: “There will simply be a rise in prices, the same oil they bought from us, they will have to buy from somewhere else, pay more for it but with that, there will be a redistribution, we will direct our energy resources Of course, to those markets where this oil is redirected to the European Union.”
“Today, this is already happening in many ways, we have increased the volume of shipments to the Asia Pacific region,” he said.