In May, China increased its imports of Russian-produced crude oil by a record 55% year-on-year (including shipments via the East Siberia-Pacific Ocean pipeline and sea transportation). As a result, Russia took the first place among all exporters of this fuel to China, displacing Saudi Arabia. This is reported by Reuters with reference to the data of the General Customs Administration of China.

The volume of oil supplies from Russia in May reached almost 8.42 million tons, which is approximately 1.98 million barrels per day. This is a quarter higher than in April. Oil was supplied both by sea and through the East Siberia-Pacific Ocean pipeline.

Such dynamics was recorded in the conditions of large discounts provided by the Chinese buyer against the background of sanctions on oil supplies from Russia. Thus, the fuel was purchased at a discount by the state-owned oil refining corporation Sinopec and state-owned Zhenhua Oil.

In May, Bloomberg’s own sources said that China was negotiating with Russia to buy more oil to replenish its strategic reserves.