• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Russia overtakes Saudi Arabia to become China’s top oil supplier

2 years ago
in Business, Energy, Features, highlights, Home, home-news, latest News, Markets
1 min read
0 0
0
87
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Russia overtakes Saudi Arabia to become China’s top oil supplier

Russia was the single largest crude oil supplier to China in January and February, overtaking Saudi Arabia which was the number-one supplier of oil to China last year, according to Chinese customs data cited by Reuters.

As China accelerated the buying of cheap Russian crude oil at discounts to international benchmarks, Chinese imports of crude from Russia jumped by 23.8% year over year to 1.94 million barrels per day (bpd) in January and February 2023, per the data reported by China’s General Administration of Customs.

China reports trade and economic data for January and February together to remove distortions around the fluctuating week-long Lunar New Year holiday.

In the first two months of this year, Russia beat Saudi Arabia to the top spot of Chinese crude oil suppliers as imports of Saudi crude fell by 4.7% to the equivalent of 1.72 million bpd, compared to 1.81 million bpd for the same period of 2022.

For the full-year 2022, Saudi Arabia was China’s top crude oil supplier – ahead of Russia – with shipments averaging 1.75 million bpd.

In recent months, China has been buying increased volumes of Russian crude as Moscow pivoted its sales to Asian markets following the Western embargoes and price caps on its crude oil and refined petroleum products.

RelatedPosts

President Mahama Reassigns Defence and Environment Ministerial Portfolios Following Fatal Helicopter Crash That Killed Two Ministers

GOC Suspends King’s Baton Relay in Response to Tragic Helicopter Crash Claiming Eight Lives, Including Two Ministers

Kopa Trophy 2025: Yamal, Doue, and Agyemang Lead Nominees for Best Young Player

The independent refiners in China, often referred to as the teapots, are importing a large portion of the Russian volumes, taking advantage of the deep discounts at which Russia sells its oil to customers.

Despite a sluggish start to 2023, China’s energy commodity imports are expected to rise later this year, while oil demand is set to rebound and lead global oil consumption to a record high, forecasters say.

China’s reopening is set to add momentum to global economic growth, OPEC said in its Monthly Oil Market Report (MOMR) this week, as it revised up its forecast for Chinese oil demand growth.

The International Energy Agency (IEA) said in its report last week that “Building stocks today will ease tensions as the market swings into deficit during the second half of the year when China is expected to drive world oil demand to record levels.”

Tags: RussiaRussia overtakes Saudi Arabia to become China’s top oil supplierSaudi Arabia
No Result
View All Result

Highlights

Letshego Ghana Delivers Strong and Stable H1 2025 Results, Driven by Solid Business Fundamentals

Ghana Chamber of Mines Pays Tribute to Omane-Boamah, Dr Murtala Mohammed and Six Others in Helicopter Crash

FirstBank Ghana Equips Graduate Trainees 

GRTCC Suspends 20% Transport Fare Hike Following Talks with Transport Ministry

BoG Postpones National Launch of Cedi@60 Anniversary Following Helicopter Tragedy

Japanese Automakers Toyota and Honda Take a Big Hit From Trump’s Tariffs

Trending

Features

President Mahama Reassigns Defence and Environment Ministerial Portfolios Following Fatal Helicopter Crash That Killed Two Ministers

August 7, 2025

President Mahama Reassigns Defence and Environment Ministerial Portfolios Following Fatal Helicopter Crash That Killed Two Ministers President...

GOC Suspends King’s Baton Relay in Response to Tragic Helicopter Crash Claiming Eight Lives, Including Two Ministers

August 7, 2025

Kopa Trophy 2025: Yamal, Doue, and Agyemang Lead Nominees for Best Young Player

August 7, 2025

Letshego Ghana Delivers Strong and Stable H1 2025 Results, Driven by Solid Business Fundamentals

August 7, 2025

Ghana Chamber of Mines Pays Tribute to Omane-Boamah, Dr Murtala Mohammed and Six Others in Helicopter Crash

August 7, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.