Russia Remains the Largest Oil Supplier to China in October

Data released today, Monday, shows that "Russia remains the largest supplier of oil to China in October, despite the rise in Russian crude oil prices as Saudi Arabia continues to cut supplies." According to data from the General Administration of Customs in China, "China's total imports from Russia, including supplies via pipelines and maritime shipments, reached 8.54 million metric tons or 2.01 million barrels per day last month." However, Russian shipments continued their downward trend recorded in the previous month, dropping by 5.6 percent compared to September's level of 2.13 million barrels per day. Total shipments from Saudi Arabia amounted to 6.64 million tons or 1.56 million barrels per day, decreasing by 16.2 percent compared to the previous year. Additionally, China's imports of Saudi crude also fell over the past two months, with October levels down 2.5 percent compared to September.