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Russia into China's largest sellers of crude oil

Russia into China's largest sellers of crude oil

  • Categories:Industry News
  • Author:
  • Origin:
  • Time of issue:2020-03-31 14:57
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Russia into China's largest sellers of crude oil

  • Categories:Industry News
  • Author:
  • Origin:
  • Time of issue:2020-03-31 14:57
  • Views:
Information

Customs recently released figures showing that the amount of China's crude oil imports from Russia in April to a record 4.81 million tons, an increase of 52.4% - a number that more than Saudi Arabia and Angola, Russia has become China's largest oil supplier.

Local time on May 30, vice premier of the state council zhang gaoli in sochi and Russian deputy prime minister, Debbie walker who co-chaired the 13th china-russia energy cooperation committee meeting.

Zhang gaoli, said the two sides should continue to deepen pragmatic cooperation in various fields such as energy, for the development process of revitalization of the two countries to provide important guarantee. To strengthen cooperation, to further expand areas of cooperation and innovation cooperation mode, together to build energy strategic partnership between China and Russia, constantly promote energy cooperation more practical results, the benefit of the two countries and two peoples.

Beginning in 2011, through China Eastern siberia-pacific ocean pipeline oil transportation (ESPO) from Russia, in the past five years, the Russian oil exports to China has doubled. Some analysts believe that Russia's market share in China's oil imports increase rapidly, in part because Russia is willing to accept renminbi settlement, "oil yuan" even has a tendency to replace $" oil ".

Falcon analysis in an interview with reporters, used in the oil trade priority use renminbi settlement, is conducive to the internationalisation of the renminbi. At the same time, many oil exporters and China commodity output and increase the reserve can also reduce the swap transaction cost many times.

China's largest oil supplier frequently

A fall in the price over the past two years, fell again, stories about the "leak" emerge in endlessly, but Russia and Saudi Arabia's two biggest oil producer has always failed to reach a limit production consensus, and even increase production to grab market share. Arena refused to cut production in the country and Iraq, the united Arab emirates and other countries, and many American shale oil factory is ready to restart when oil prices slightly better.

Although oil is far from being a buyer's market, but under the fundamentals of supply, large customers such as China has been the seller grab objects. For now, at the battle of plunder of the Chinese market, Russia began to be a notch above.

At the beginning of a drop in oil prices in 2014, the Saudi output for a total of 49.67 million tons of crude oil to China, China's largest supplier of crude oil. Angola was second and Russia by just 33 million tonnes of third - this is a relatively stable state of rankings for many years.

The seating change since last year. Last may, after Russia for the first time more than Saudi Arabia, China's largest supplier of the throne of several alternate between the two countries, in April this year, Russia is again to record exports of 4.81 million tons level will be Saudi Arabia and Angola trailing behind. In April 4.81 million tonnes equivalent to 15% of China's crude oil imports up 52.4% than the same period last year.

Russia's exports to China have, in fact, for many years. Beginning in 2011, through China Eastern siberia-pacific ocean pipeline oil transportation from Russia, in the past five years, the Russian oil exports to China more than doubled to average 550000 barrels a day.

Now Russia through the oil pipeline to China each year is expected to 5 million tons of oil, but is expected to increase under the new plan to transport 15 million tons each year. In march this year, the Russian oil transport company vice President sergei andropov, according to China in 2015 agreed to by ESPO pipeline from Russia imported 27 million tons of oil.

, said li yan, an analyst at China as a handful of consumers, certainly will become the focus of the parties vying for, "the latest news reflects China's crude oil import pattern is changing".

Oil settlement appear around $trend

The study thinks, because the long-term oil supply contracts, and China's oil demand increases, the oil trade between China and Russia will continue to remain high.

In 2013, the two countries oil companies signed long-term ZengGong crude oil contract, agreement, Russia over the next 25 years will supply China with 365 million tons of oil, worth about $270 billion.

As China gradually let go of the crude oil import quotas, Russia is also the first to grab the local refineries market independently. Zhuo Liu Mengkai information analyst in the "daily economic news" reporter, due to lack the experience of contact with foreign oil firms, most current smelting on imported oil is still, by the oil company of petrochina's also prefer to import Russian crude oil has a long-term contract.

In the competition for local refineries, Saudi Arabia is not behind Russia. According to foreign media reports, the Saudi aramco recently to a Chinese independent oil refineries - shandong jing bo petrochemical co., LTD., has sold 730000 barrels of oil. This is Saudi Arabia independent refiners to sell spot for the first time to crude oil.

Some analysts believe that Russia's market share in China's oil imports increase rapidly, part from Russia is willing to accept RMB.

Famous American financial blogs Zerohedge once wrote earlier this year, according to maintain decades of hegemony oil dollars system is gradually disintegrated, instead, will be the new "oil" RMB will build a new world economic order - after the bretton woods system.

"When did the same when the dollar as a global currency." Falcon believes that China is an important oil importer, purchasing preference when supplier can use the yuan, is conducive to the internationalisation of the renminbi.

In addition, Russia, Saudi Arabia, Iraq, such as China's important oil supplier, is also the output of Chinese goods. "They sell oil collected in RMB, the money can also buy things from China again, in a less can save a lot of cost." Falcon said.

Nomura research director at the oil and gas GordonKwan said, along with Russia is willing to accept RMB oil trading decisions, expects Russia to China will export more a record amount of oil. If Saudi Arabia would like to reclaim the number one in the Chinese market, may need to accept renminbi, rather than just relying on the dollar.

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