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23 Jan 2015
China’s crude imports from Russia hit record high in December
FXStreet (Mumbai) - The Chinese customs data showed today that crude imports from Russia hit a record high level in December as refiners took advantage of multi-year low spot prices of Russian Crude Oil.
The imports surged to a record high of 876,000 barrels per day in December. Volumes in December were up 86% from the same month a year ago. Meanwhile, total imports from Russia in 2014 increased 36%. Moreover, Russia overtook Oman to become the third-highest exporter to China after Saudi Arabia and Angola.
China now buys Russian oil via both overland pipelines and seaborne tankers and also via the Kazakhstan-China pipeline that arrives at China's northwest region of Xinjiang.
The imports surged to a record high of 876,000 barrels per day in December. Volumes in December were up 86% from the same month a year ago. Meanwhile, total imports from Russia in 2014 increased 36%. Moreover, Russia overtook Oman to become the third-highest exporter to China after Saudi Arabia and Angola.
China now buys Russian oil via both overland pipelines and seaborne tankers and also via the Kazakhstan-China pipeline that arrives at China's northwest region of Xinjiang.