Islamabad: Russia has become the largest supplier of petroleum to China in the month of May, surpassing Saudi Arabia, in terms of volume. In revenue Saudi’s remain in the top of the list, as sanctions have pushed the price of Russian products down.
According to data by China’s General Administration of Customs, released on Monday, 8.4 million metric tons of crude oil was imported from Russia in May by China, while Saudi Arabia had exported 7.8 million metric tons of crude oil to China.
Even though, Russia surpassed Saudi Arabia in volume of oil exports, Saudi’s remain leaders in revenue generation, $6.3 billion versus Russia’s $5.7 billion. West declared sanctions have Russia’s export prices.
While United States sanctioned Russian oil imports and the European Union followed suit by declaring they will cut imports from Russia by the end of the year, following Ukrainian conflict.China and other nations continue to buy from Russia.