China's imports of Russian oil near record high in March
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China's imports of Russian oil reached a near-record high in March, with imports from Russia jumping 12.5% on the year to 10.81 million metric tons, or 2.55 million barrels per day (bpd). This is close to the previous monthly record of 2.56 million bpd in June 2023. The increase in imports was due to refiners snapping up stranded Sokol shipments and stockpiling of Russian crude for storage in strategic reserves by state-owned CNOOC. Russia has been China's top oil supplier since 2023, shipping 2.14 million bpd despite Western sanctions and a price cap following the Kremlin's 2022 invasion of Ukraine. Imports from Saudi Arabia, previously China's largest supplier, totaled 6.3 million tons in March, down 29.3% on the same period last year. Imports from Malaysia, a trans-shipment point for sanctioned cargoes from Iran and Venezuela, soared 39.2% on the year to 13.7 million tons. Customs recorded no imports from Iran.
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