The new order of China’s oil market after the war in Ukraine/oil of Russia and Iran was replaced by America and Saudi Arabia

According to the economic correspondent 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.

In a report, Reuters news agency has investigated the new order of the Chinese oil market after the Ukraine war. The figure shows the oil export tonnage of the supplying countries to China in the months of January and February (before the start of the Ukraine war) and June (last month).

Picture 1

For comparison, the numbers in the left column should be divided by two in order to be able to compare the oil exports of countries to China before and after the start of the Ukraine war.

* Iranian and Russian oil replaced Saudi and American oil in the Chinese market

Figure 2 shows the amount of oil exports of supplying countries to China (unit: million barrels per month). As shown in the picture, Russian and Iranian-Venezuelan oil exports to the Chinese market have increased, while the share of Saudi Arabia, America, Iraq and Oman has decreased.

Picture 2

According to a Reuters report, Iranian and Venezuelan oil is exported indirectly from Malaysia to China due to sanctions, a matter that is not unique to Malaysia, and Iran has various ways to circumvent sanctions.

* 144% growth of Iranian and Venezuelan oil exports to China

Figure 3 shows the percentage of changes in the oil exports of supplying countries to China between “before the Ukraine war” and “last month”.

According to this image, Iran and Venezuela’s oil exports to China have grown by 144% and have had the biggest jump compared to other countries’ oil.

Picture 3

Russian oil exports to China have also grown by 15%. The oil exports of America, Oman, Iraq and Saudi Arabia have also been exported to China with a decrease of 64, 55, 36 and 31%, respectively.

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