Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen's correspondent: The occupation forces continue their violations, and warplanes are entering Gazan airspace at this moment.
Al Mayadeen's correspondent: The fate of thousands of civilians and journalists remains unknown.
Al Mayadeen's correspondent: The occupation forces continue bombing various areas of the Gaza Strip.
Hamas: We renew our pledge to our brave prisoners and their families that they will remain at the heart of our priorities, and we will not rest until the last prisoner enjoys freedom.
Hamas: We are awaiting the final approval of the names ahead of announcing them through the Prisoners’ Media Office.
Hamas: We affirm that we have submitted the lists of Palestinian prisoners according to the agreed-upon criteria within the framework of the agreement.
Gaza Media Office: We urge our people not to move around Al-Rashid and Salah al-Din streets or their surrounding areas.
Gaza Government Media Office: We stress to our Palestinian people the need to exercise maximum caution during their movements and travel.
Guterres: I urge all concerned to abide fully by the terms of the agreement.
Guterres welcomes the announcement of an agreement to secure a ceasefire and the release of captives in Gaza, based on President Trump’s proposal.

China breaks record importing Russian crude in first half of 2023

  • By Al Mayadeen English
  • Source: Financial Times
  • 20 Jul 2023 11:04
4 Min Read

Chinese customs data implies that since the war in Ukraine broke out, Russian imports have been cheaper than those from other Opec+ countries.

  • x
  • An inspection officer checks a tanker carrying imported crude oil at Qingdao port in China's eastern Shandong province, May 9, 2022 (AFP)
    An inspection officer checks a tanker carrying imported crude oil at Qingdao port in China's eastern Shandong province, May 9, 2022 (AFP)

China has set a record for importing volumes of Russian crude oil for just the first half of this year, notwithstanding sanctions on oil from Russia which continues to shape global oil markets - thus allowing China the opportunity to boost exports.

According to data by the Financial Times based on customs, in the first half of 2023, China imported 11.4 million barrels per day (bpd) of crude oil, which is up 11.7% year on year and 15.3% as opposed to pre-Covid levels.

Mukesh Sahdev, head of oil trading at the research group Rystad Energy, said: “The short answer is crude stocks have been building in China,” adding, “They’re importing for the future . . . and in advance of a potential stimulus. People are all talking about a second-half story.”

China imported 2.57 million bpd of Russian crude in June which broke the May record per official data on Thursday.

In the first half of 2023, 2.13 million bpd of oil from Russia was imported by China - becoming the top crude supplier to China so far this year - ahead of 1.88 million bpd from Saudi Arabia.

Analysts offered different reasonings, with geopolitical risk as one possible explanation.

Sahdev claims that “China could be preparing for some geopolitical situation,” adding “a Russian tailspin or a crisis in Taiwan" as the draconian Western sanctions on Russia prove to backfire.

Read more: Oil sanctions are a fail for the West, a win for Russia: The Economist

Related News

Iran interested in resuming nuclear talks: Lavrov

Russia voices concern over clashes between SDF, government forces

Head of China energy research at the Oxford Institute of Energy Studies, Michal Meidan, stated his certainty regarding "a perception in China that the external environment is deteriorating and they’re preparing for sanctions, but that’s been the subtext for years". 

Pressure on Asian rivals

Chinese customs data implies that since the war in Ukraine broke out, Russian imports have been cheaper than those from other OPEC+ countries. For example, in comparison with the unit price of Saudi Arabian crude, Russian oil showed a discount of $9 a barrel at the end of 2022 and $11 a barrel in June.

Just last month, members of the OPEC+ group agreed to cut oil outputs to 40.463 million barrels per day throughout 2024, the group said in a statement after a meeting in Vienna. Saudi Arabia announced a one million BDP production cut, while Saudi Energy Minister Prince Abdulaziz bin Salman noted that the slash in output would be for July but "can be extended".

But analysts stressed that the Russian discount was smaller than those on Iranian or Venezuelan products, considering the growth impact of the opaque de-dollarized trade in Russian crude.

“I don’t think China’s going to go all in on Russia,” said Meidan, noting: “This is a short-term move away from Saudi feedstocks. The Chinese are pretty keen to keep a balance between their suppliers.”

Meidan called this "price-driven by market realities". 

“They have these plans and a state machinery, but then they optimize around this in a way that is very sophisticated and capitalistic. One thing that isn’t appreciated in the West is how fierce competition is between the [Chinese] majors.”

Market data provider Kpler's analysts claim a strong incentive for Chinese refiners to maximize production, also considering the margin advantage of as much as $3 a barrel over other rivals in the Asian market.

According to Kpler's expectations, China’s advantage from cheap Russian oil will give it leverage into the market, thus creating pressure on Korean and Japanese producers.

  • Russia
  • kpler
  • China
  • OPEC+
  • Saudi Arabia
  • Crude oil

Most Read

Tucker Carlson speaks at a memorial for Charlie Kirk, Sunday, September 21, 2025, at State Farm Stadium in Glendale, Arizona (AP)

Tucker Carlson: Israeli officers gave orders on Iran inside Pentagon

  • Politics
  • 2 Oct 2025
A Hamas fighter in combat fatigues stands before the ceremony for the handover of Israeli captives to the Red Cross in Nuseirat, central Gaza Strip, Saturday, February 22, 2025 (AP)

Hamas responds to Trump plan, backs Gaza withdrawal, exchange

  • Politics
  • 3 Oct 2025
Mossad’s secret role in Aldo Moro’s 1978 murder revealed

Mossad’s secret role in Aldo Moro’s 1978 murder exposed

  • Politics
  • 5 Oct 2025
The Palestinian resistance and the people of Gaza showed that after combating Israeli aggression for two years, they remain victorious in the face of oppression (Mahdi Rteil/Al Mayadeen English)

Al-Aqsa Flood two years on, a tale of victory

  • Politics
  • 6 Oct 2025

Coverage

All
War on Gaza

Read Next

All
An Israeli armored vehicle moves on a street of a local market during a military raid in the West Bank refugee camp of Balata, Wednesday, October 8, 2025 (AP)
Politics

Israeli settlers kill Palestinian youth near Ramallah amid raids

Russian Foreign Minister Sergey Lavrov speaks during the Moscow format consultations on Afghanistan in Moscow, Russia, Tuesday, Oct. 7, 2025 (AP)
Politics

Iran interested in resuming nuclear talks: Lavrov

International Monetary Fund (IMF) Managing Director Kristalina Georgieva speaks during a news conference at the International Monetary Fund (IMF) headquarters in Washington, April 25, 2025 (AP)
Politics

IMF head flags US budget, Europe Defense spending challenges

Prime Minister of Italy Giorgia Meloni addresses the 80th session of the United Nations General Assembly, Wednesday, Sept. 24, 2025, at UN headquarters (AP)
Politics

Meloni faces ICC complaint over Gaza genocide complicity with Israelis

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS