Iranian oil tanker Al Riqqa spotted in a Chinese port. Photo: Getty images.
With the war in Ukraine and the blockade against Russia, China is buying oil cheaper than any country in the West.
After the oil embargo was imposed on Russia, the Chinese government increased its oil purchases from Russia. “Between January and May, sales of Russian crude oil to Beijing increased by approximately 40%,” reported Últimas Noticias. “However, analysts estimate that the flow of purchases may increase after the sixth package of sanctions by the European Union (EU) against Russia, approved on May 30, which included an embargo on more than two thirds of its purchases of Russian crude.”
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Restrictions on energy imports by the West have opened Moscow to Asian markets, where China and India are major buyers. The advantage for the Asian giant is that it buys Russian oil from $90-94 per barrel, while the benchmark for Europe is $125 dollars.
Russian officials said their country’s oil companies are diversifying their export routes and have new buyers and higher volumes of shipments to Asia.
Europe, for its part, applied harsh sanctions against Russia following the US imperialist policy, and now looms on the verge of an energy crisis. The increase in fuel is already beginning to have an impact on the economy of several countries in the bloc, and also on the US economy.
Translation: Orinoco Tribune
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