Russia Becomes the Major Supplier of Oil to China, Replacing Saudi Arabia and Iran

Two of the major oil suppliers to China; Saudi Arabia and Iran, are experiencing a decline in orders year-over-year. This phenomenon is due to Russia doubling its exports to China in April 2016, compared to the exports for the same period last year. About 52% year-over-year increase between the two countries accounted for a transfer of 4.81 million metric tonnes. In March, the exports by Russia to China was 4.65 million tonnes.  Oil imports from Saudi Arabia declined by 22% to 4.12 million tonnes and that from Iran fell by 5.1% to 2.76 million tonnes during the same period. According to a report by the International Energy Agency (IEA), Saudi Arabia ceased to be the leading supplier of crude oil during the end of the last year. Alternatively supplies from Angola, China’s third major supplier, increased by 39% to 3.98 million tonnes in an April year-over-year analysis.

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