China is getting more and more actively buying Russian oil: supply has reached a record in the last 3 years

Oil from the Russian Federation is actively purchased by both private oil refineries and government processors. Exports of oil and condensate from Russia to China has reached the highest level since April 2020 during the last month. About it reports Bloomberg. Thus, the total export of oil and fuel oil from the Russian Federation to China reached 1. 66 million barrels a day. This is more than the previous record recorded in April 2020. Meanwhile, the supply of crude oil and condensate increased to 1.

52 million barrels a day, which is slightly less than the maximum established almost three years ago. It is noted that the purchasing boom was supported by private oil refineries, although government processors are also interested in Russian oil. China and India remain the largest buyers of oil from the Russian Federation after most European countries have refused to cooperate with the Kremlin.

At the same time, analysts believe that China buys black gold on the background of active restoration of the economy from the consequences of the Covid-19 pandemic. China's interest in supplies from Russia, according to Bloomberg, will support the world oil prices. Black gold production increased by 2% in 2022 to 535 million tons (10. 7 million barrels per day). The reason is the sale of Asia, especially India and China.

But the list of sanctions on the part of the event is expanding, so Russia is faced with more and more problems of restraining oil production - a key source of state budget revenues. Thus, in the early February 2023, the country's viceremier Oleksandr Novak stated that the embargo of the European Union and the restriction of prices for Russian oil by G7 threatens the cessation of oil production in the Russian Federation.

The official also stated that Russia will not supply energy to countries that will require the ceiling of oil and oil prices in contracts. On February 5, the Air Force wrote that the event introduced the embargo on the import of petroleum products from the Russian Federation. But the restriction does not apply to Russian supply to third countries. The media also wrote that, in addition to the loss of income from the sale of oil, Russia also loses its impact on the EU gas market.