Russia has been the leader in oil supplies to China for three years

Time: 22/03/2019

Russia for three years in a row remains the largest supplier of oil to China, providing about 15.7% of the total imports of this raw material. This is evidenced by the report of the Chinese Association of Petroleum Companies.

At the end of 2018, Russia exported 71.5 million tons of oil to China, increasing its supply by 19.7% compared with the previous year. The second largest supplier is Saudi Arabia, in third place is Angola, RIA Novosti reports.

In total, last year China imported 460 million tons of oil, which is 10% more than the previous year. Imports cover about 70% of China’s oil consumption. Moreover, domestic demand for oil is increasing, and production in the country is declining. In 2018, production fell by 1.3% to 190 million tons.
It is also expected that in 2019 Russia will occupy one of the leading places among the largest gas suppliers to the PRC after the launch of the Power of Siberia gas pipeline. According to experts, at the expense of imports, China will provide about 46.4% of the demand for natural gas this year.

EADaily recalls that in February it became known that China plans to create a national pipeline company to reform the oil and gas market. The creation of the company provides for the separation of transport and sales enterprises. For several years, 112 thousand km of oil, gas and oil product pipelines owned by state energy companies, primarily CNPC, will be allocated to the new company. In addition, the creation of the company is designed to eliminate obstacles to the exploration of oil and gas.

Read more: https://eadaily.com/en/news/2019/03/25/rossiya-tri-goda-sohranyaet-liderstvo-po-obemu-postavok-nefti-v-kitay