Russia overtakes Saudi Arabia as China’s top oil supplier

Russia overtakes Saudi Arabia as China’s top oil supplier

Russia has overtaken Saudi Arabia as China’s biggest oil provider as Beijing seeks to take advantage of the crisis by snapping up cheaper supplies. China’s crude imports from Russia jumped 55pc compared to a year earlier to around two million barrels per day after Beijing ramped up purchases at a steep discount. Data from Beijing revealed that China bought $7.5bn (£6.1bn) of Russian energy products, double the amount a year ago. Chinese oil giants have swooped to get Russian oil on the cheap as the West seeks to wean itself off the Kremlin following the invasion of Ukraine. Vladimir Putin is also keen to diversify exports by providing more to Asia after oil embargoes agreed by the US, Europe and UK threatened to deal a huge blow to a key source of revenue for the Kremlin. While global crude prices have soared well above $100 per barrel, Russian oil has been selling at big discounts of up to 30pc. The increased purchases by the Kremlin’s ally threatens to undermine Western sanctions seeking to cut off revenues from Moscow. US president Joe Biden said oil embargoes would target a “main artery of Russia's economy” but China’s purchases suggest its energy giants