China Swims In Russian Oil

China is drunk on Russia’s oil as the world’s second-largest economy capitalizes on the discounted oil price currently offered by its neighbor.

Saudi Arabia now plays second fiddle to Russia as an oil supplier to China.

Last month, Chinese imports of Russian oil surged by 55% from a year earlier, according to data from the Chinese government.

China imported around 8.42 million tons of crude oil from Russia in May, the data showed—the equivalent of 1.98 million barrels per day, according to Reuters.

Meanwhile, China’s purchases of Russian liquefied natural gas rose 54% from the previous May.

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Edited by Jesus Chan

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