Support from China & Russia Amid Oil Market Volatility

Despite the tumultuous conditions in the oil market, China is expected to continue providing a boost. Reports indicate that China recorded record oil imports in 2023, sourcing from a variety of suppliers including Russia, Saudi Arabia, the United States, Iran, and Venezuela.

Jessica Gabriela Soehandoko & Reni Lestari

23 Jan 2024 - 17.52
Support from China & Russia Amid Oil Market Volatility

A series of trains carrying crude oil, fuel and liquefied gas tilt at the Yanichkino railway station, heading to the Gazprom Neft PJSC Moscow refinery in Moscow, Russia/Bloomberg-Andrei Rudakov

Bisnis, JAKARTA— Throughout 2023, oil from Russia is set to be China's primary energy supplier, surpassing orders from Saudi Arabia, which has traditionally been its largest supplier.

China's increased reliance on Russian oil comes as it seeks to counteract Western sanctions limiting significant oil purchases from Russia. The prices offered by Russia are notably discounted compared to prevailing prices on the spot market.

Citing Chinese customs data, Reuters reported on Monday (22/1/2024) that Russia dispatched 107.02 million metric tons of crude oil to China last year, equivalent to 2.14 million barrels per day (bpd). This figure surpasses the volumes from other major exporters like Saudi Arabia and Iraq.

As a comparison, the total oil production from all Indonesian mines amounted to 571,280 barrels per day as of last November. This implies that China's oil purchases from Russia are nearly four times greater than its oil production from Indonesia. Meanwhile, Saudi Arabia, the former leading supplier to China, experienced a decrease of 1.8% in its supply to 85.96 million tons.

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Support from China & Russia Amid Oil Market Volatility

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