China is likely to have saved roughly $10 billion on crude oil imports so far this year thanks to cheaper oil from Russia, Iran, and Venezuela.
China is likely to have saved $10 billion on crude oil imports so far this year as it has imported record volumes of cheaper oil from Russia, Iran, and Venezuela—all three under U.S. and Western sanctions, a Reuters analysis showed on Wednesday. As international benchmark prices rose from July due to tightening supply, China has managed to save billions of U.S. dollars from its crude oil import bill, taking advantage of cheaper crude cargoes from the three oil exporters under sanctions.
Those imports are estimated to have accounted for 25% of overall Chinese crude oil purchases in the first nine months of 2023. Russia, Iran, and Venezuela made up around 21% of China’s crude oil imports in the same period of 2022, and just 12% in the same months of 2020, according to the Reuters analysis. Despite higher oil prices in recent months and narrower discounts of Russian crudes to international benchmarks, Russia remains the single largest crude oil supplier to China.
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