Russia scales up oil exports to China

Russia increased its oil exports to China by 1.65% year-on-year in the period from January to November, reaching a total of 99 million tons, according to data from China’s General Administration of Customs.

In monetary terms exports totaled $57.4 billion, which is up 4.7% year-on-year. Oil accounts for half of the value of all Russian exports to China, News.Az reports, citing Russian media.

Russia remains the leader among oil suppliers to China. Saudi Arabia ranks second in terms of supply volume (72.27 million tons for $44.4 billion), and Malaysia ranks third (63.5 million tons for $34.76 billion).

Russian President Vladimir Putin and Chinese President Xi Jinping signed a joint statement on deepening the partnership between the two countries during the Russian leader's visit to China on May 16-17. The documents underscores Moscow and Beijing's intention to develop cooperation in the fuel and energy sector and create conditions for the unimpeded transportation of energy resources.

In 2023, Russia exported 107 million tons of oil to China, which is 24% more than in 2022.

News.Az