【Russian oil supply to China decreased by 10.8%】
China is the largest importer of Russian oil. In the first six months of this year, Russia's oil exports to China fell by 10.8% compared to the same period last year, dropping from 55.115 million tons in January-June 2024 to 49.113 million tons. In terms of value, the decline was more significant, falling by 24.2%, from 33.014 billion USD to 25.014 billion USD.
The first reason for the greater decline in the value of oil exports to China compared to the actual volume of exports is related to the drop in international oil prices. Last month, the average price of Russian oil was about 472 USD per ton, while it was close to 600 USD per ton during the same period last year. The reduction in supply is more reflected in value rather than in actual quantity. Therefore, the price factor has become the primary factor.
The second reason for the decline in exports is largely related to measures taken by China.
Due to low profit margins and a slowdown in economic growth, Chinese refineries are currently processing less crude oil than last year, and China's own demand has been met.
The third point is that China is actively increasing its purchases from other suppliers, such as Saudi Arabia, Malaysia, etc.
Russia remains one of China's main oil suppliers, so there are no issues with the bilateral relationship. This is due to the overall trend of slowing economic growth and reduced oil refining capacity.
Original article: https://www.toutiao.com/article/1838224094671872/
Statement: This article represents the views of the author himself.