Russia remains China’s largest crude oil source for 3rd year

25/03/2019 08:58 Oil Market

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China's dependence on imported crude oil has climbed to about 70 percent with Russia remaining the country's largest supplier for three consecutive years from 2016 to 2018, said an industry report.

With total import volume standing at 71.49 million tons in 2018, up 19.7 percent on a yearly basis, Russia's share was about 15.7 percent, ahead of Saudi Arabia and Angola, according to a report jointly released on Saturday by the China Petroleum Enterprise Association and a research center of the University of International Business and Economics.

 

Over the past six years, Russian crude oil exports to China more than doubled, while revenue generated by those exports to China have contributed to some 40 percent of Russia's fiscal revenues, said the report.

 

China's overseas crude oil sources expanded to more than 10 countries in 2018, and the US ranked among the top 10 for the first time, although the proportion the US had was small compared with major suppliers, standing at about 3 percent in the first quarter of 2018.

Source: globaltimes.cn

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