An increase of 10 million barrels of Russian oil exports to China in the first half of 2022/ American exports decreased by 45%

According to the economic reporter of Fars News Agency, after the start of the war between Russia and Ukraine, a new order prevailed on the oil market, in such a way that the export of Russian oil from Europe and the United States to the markets of East Asia, including India and China, changed its direction, and this changed the composition of the matter. Countries supplying oil in the destination markets.

Now, the basic question is, what is the composition of the supplying countries in the new order of the oil market?

* Saudi and American oil exports to China have decreased

In a report titled “Russia is China’s top oil supplier for 2nd month, Saudi volumes tumble”, Reuters news agency has analyzed the change in the oil export situation of supplier countries to China in the first 6 months of 2021 and 2022 (this year).

According to Figure 1, the oil export tonnage of Russia, Iraq, Malaysia, and the UAE to China has increased, while the export tonnage of Saudi Arabia, Angola, Brazil, America, and Oman has decreased.

Image 1

According to a Reuters report, Iranian and Venezuelan oil exports are exported from Malaysia to China due to sanctions.

* Increasing the export of 10 million barrels of Russian oil to China in the first 6 months of 2022

In picture 2, the cumulative amount of oil exports of countries to China in the first 6 months of 2021 and 2022 is given in terms of million barrels. It is interesting to note that Russian oil exports to China have increased by only 10 million barrels in 6 months, despite aggressive discounts.

Picture 2

* 45% drop in US oil exports to China

Figure 3 compares the percentage of changes in oil exports of countries to China in 2021 and 2022. According to Reuters statistics, US oil exports fell by 45.7%.

Picture 3

* The main destination of Russian oil exports to the East Asian market was India, not China

According to Reuters, Russia’s oil exports to China have increased by only 4% compared to last year, equivalent to 66,000 barrels per day. This is while the Oxford Institute of Energy Studies has stated in a report that the main destination of Russian oil exports in the East Asian market was India, not China.

Figure 4 shows the changes in Russian oil exports to India and China. As it is known, Russian oil exports to China have not grown significantly, but Russian oil exports to India have made a significant jump.

Picture 4

The end of the message/T 21