China’s crude oil imports from Russia rose 17% in November from a year earlier, as Chinese refiners rushed to secure more cargoes ahead of a price cap imposed by the Group of Seven nations on Dec. 5.
The jump made Russia the top oil supplier for China ahead of Saudi Arabia.
Arrivals of Russian crude, including oil pumped through the East Siberia Pacific Ocean pipeline and seaborne shipments from Russia’s European and Far Eastern ports, amounted to 7.81 million tonnes last month, data from the General Administration of Customs showed on Tuesday.
That is equivalent to 1.9 million barrels per day (bpd), comparing to 1.82 million bpd in October and 1.63 million tonnes in the same period last year.
From Dec. 5, the European Union banned imports of Russian crude oil and G7 nations introduced a cap of $60 a barrel on Russian oil in an attempt to limit Moscow’s ability to finance the war in Ukraine.