The Blubber

Per Business Insider

China has become one of Russia's top customers regarding oil imports as the country's importation numbers have reached an all-time high. This comes as Europe has scaled back on Russian oil imports almost entirely getting rid of them.

According to customs data cited by Reuters, it showed that Beijing has "imported a record high of Russian crude," reaching 2.29 million daily barrels last month. This reflected a 15.3% increase from the same time last year.

Compared to April's numbers of 1.73 million daily barrels, Beijing's imports grew by 32.4% to May. This comes as both China and India have been maximizing the situation and buying barrels from Moscow at a discount.

It was reported that the two countries helped bring Russia's crude oil shipments to pre-war levels.

The European Union, on the other hand, has seen its Russian fuel imports drop by 90% since the 2022 trade embargo. To substitute the barrels, EU has been increasing its trade with the US and Saudi Arabia.

Saudi is also taking advantage of the situation by selling its own oil supplies to the EU while buying millions of barrels of Russian oil to replenish its supply. This comes as the kingdom imported almost 200 thousand daily barrels of diesel and gas from Russia in April.

See flow at unusualwhales.com/flow.

Other News:

• Saudi Arabia sells its own supplies to EU while buying millions of barrels of Russian diesel no longer allowed by Europe
• China and India helped bring Russia's crude oil shipments to return to pre-war levels

Resources:

Business Insider