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Mon Jun 20, 2022, 07:49 AM

Last month, China imported more Russian crude oil than ever before

Source: WaPo

China’s imports of Russian crude oil hit a record in May, as Chinese buyers take advantage of discounted prices after Beijing’s pledge to continue normal economic ties with Moscow despite the geopolitical fallout over President Vladimir Putin’s invasion of Ukraine.

A year-over-year rise of 55 percent in May, to 8.42 million metric tons, meant Russian imports overtook those from Saudi Arabia to become China’s largest single source of crude for the month, according to data from Chinese customs released on Friday. In April, Saudi oil accounted for 21 percent of China’s total imports, compared with 15 percent for Russian-sourced fuel, according to an analysis from Cinda Securities.

Over the first 100 days of the war in Ukraine, China became the world’s leading buyer of Russian fossil fuels, as many Western nations cut back on purchases to impose economic costs on the Kremlin for invading.

The recent increase in imports is a reversal of a period of low purchases immediately after Russia invaded, when Chinese buyers remained cautious about the risks of being sanctioned.

Read more: https://www.washingtonpost.com/world/2022/06/20/china-russia-oil-exports/



Remember this the next time you go to your local chinamart to buy china junk, we need to prohibit US corporations from doing business with evil countries that support evil russia.

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Arrow 8 replies Author Time Post
Reply Last month, China imported more Russian crude oil than ever before (Original post)
yaesu Jun 20 OP
2naSalit Jun 20 #1
BumRushDaShow Jun 20 #2
jimfields33 Jun 20 #3
David__77 Jun 20 #4
manicdem Jun 20 #5
Lonestarblue Jun 20 #6
samsingh Jun 20 #7
Colbert Jun 20 #8

Response to yaesu (Original post)

Mon Jun 20, 2022, 07:57 AM

1. Exactly, a major factor.

Remember this the next time you go to your local chinamart to buy china junk...


China can't survive without our buying their junk, once we curtail it, we can have more control over our future.

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Response to yaesu (Original post)

Mon Jun 20, 2022, 08:23 AM

2. I had posted about India doing the same last month

where previously, they got very little from there - https://www.democraticunderground.com/10142923926



I also posted this (in part) in the above thread -



What is interesting about the above is that India isn't showing up on there, meaning I expect their recent Russian oil buys in large quantities is establishing that they have shifted their contracts strategy to favor Russia now (the reason which is mentioned - the cheap price).

And doing a quick search, apparently the most used fuel in India is... drum roll.... COAL.



(from here - https://www.eia.gov/international/analysis/country/IND)

But their oil imports have mostly come from the Middle East!



(also from here - https://www.eia.gov/international/analysis/country/IND)


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Response to yaesu (Original post)

Mon Jun 20, 2022, 08:51 AM

3. Yeah as if Walmart is the only place selling China junk

It’s everywhere. The only way to ensure that you don’t by from China is a store that sells only USA items. I’m not sure they are mainstream quite yet.

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Response to yaesu (Original post)

Mon Jun 20, 2022, 09:29 AM

4. That's capitalism.

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Response to yaesu (Original post)

Mon Jun 20, 2022, 09:43 AM

5. Oil prices make it worse

The high oil prices are funding Russia's economy even though China gets a discount on oil. Russia's still hurting from sanctions, but they can survive with China and India's help.

The other problem is Chinas world influence is greater since Russia is indebted to them.

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Response to yaesu (Original post)

Mon Jun 20, 2022, 09:56 AM

6. Sanctions were supposed to stop Putin.

They’re mostly hurting the oligarchs who are losing some yachts. Nothing will stop Putin until NATO gets involved, and the longer they delay the more hundreds of thousands of Ukrainians will die and their cities will be destroyed. Yes, Putin has threatened to use nuclear weapons. But would his generals go along with a decision that ensures an equal attack on Russian territory? It’s a risk, but allowing millions to starve and thousands more to die to appease a bully seem foolish. NATO is allowing Putin to swing the dog by the tail.

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Response to yaesu (Original post)

Mon Jun 20, 2022, 01:07 PM

7. isn't the small discount on an already heavily inflated price because of putin's illegal invasion?

is it time to stop buying chinese products?

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Response to yaesu (Original post)

Mon Jun 20, 2022, 04:40 PM

8. Meanwhile, In Europe

 

The Dutch join Germany, Austria, in reverting to coal to replace the Russian natural gas that's been lost/embargoed.
The Netherlands said it would lift all restrictions on power stations fired by the fossil fuel, which were previously limited to just over a third of output.

Berlin and Vienna made similar announcements on Sunday as Moscow, facing biting sanctions over Ukraine, cuts gas supplies to energy-starved Europe.

"The cabinet has decided to immediately withdraw the restriction on production for coal-fired power stations from 2002 to 2024," Dutch climate and energy minister Rob Jetten told journalists in The Hague.
...
Germany's reliance on Russian energy imports has made it particularly vulnerable as Moscow looks for leverage against the West.

The Dutch are less reliant, depending on Russia for around 15 percent of their gas supplies compared to the EU average of 40 percent. But they are still concerned.
...
Austria's government meanwhile announced Sunday that it would reopen a mothballed coal power station because of power shortages arising from reduced deliveries of gas from Russia.

The authorities would work with the Verbund group, the country's main electricity supplier, to get the station in the southern city of Mellach back in action, said the Chancellery.

The European Commission noted Monday that "some of the existing coal capacities might be used longer than initially expected" because of the new energy landscape in Europe.

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