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Oil: China benefits from Russia’s war

Russia remained the largest supplier of crude oil to the People’s Republic in June. Chinese importers took advantage of the price discount on Russian oil due to Western sanctions and reduced more expensive imports from Saudi Arabia, Reuters reported. China imported an average of 1.77 million barrels per day from Russia in June. That is slightly less than in May, but significantly exceeds imports from Saudi Arabia (1.23 million barrels per day). In year-to-date deliveries, Saudi Arabia is still slightly ahead of Russia. However, since the start of the Ukraine war, Russia has caught up. Accordingly, China is a beneficiary of the war.

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