Russian oil imports into China are rising as countries seek to strengthen energy ties

Crude oil imports from Russia into China have risen considerably in recent months, surpassing 2 million barrels per day in February to reach a new record. Energy cooperation between Russia and China is likely to continue strengthening in the coming years, and a meeting between the countries’ presidents earlier this week is also expected to reinforce ties.

After sanctions began curbing Russian oil exports to Western markets over the course of last year, Russia started looking for alternative buyers for its oil. Thanks to the significant discounts at which it sells its oil compared with other suppliers, exports—particularly to India—began to surge. Before Russia’s invasion of Ukraine, India was a marginal buyer of Russian oil, but by the end of last year, Russia had become the country’s largest oil supplier.

A similar trend is evident in Russian-Chinese trade relations, with oil exports from Russia to China beginning to rise in recent months. Data from China’s customs authority cited by S&P Global showed that crude oil imports from Russia rose 42% year on year in February to a record 2.01 million barrels per day. Russia’s share of China’s oil imports thus increased to nearly one-fifth, and the country also overtook Saudi Arabia as China’s largest oil supplier.