One of the world’s largest oil consumers takes advantage of the low price situation for raw materials.
At the end of March, China increased its oil imports by 4.5% compared to March last year and did so at the expense of Russian raw materials.
“Total supplies amounted to 9.68 million barrels per day. Russia increased exports to China by 31% to 1.66 mn barrels per day (7 mn tons per month). At this high level, the country has been importing Russian oil for the third month. In January-February, supplies were kept at 1.71 mn barrels per day,” the Chinese customs report said.
Oil prices have fallen by more than 60% since the beginning of the year. China is taking advantage of the situation and replenishing the country’s strategic reserves.