Russia increases its oil exports to China by 25%

Russia will become China’s largest oil exporter in 2023, highlighting the ineffectiveness of Western efforts to deprive the Kremlin of funds for its war in Ukraine, according to Bloomberg.

The world’s largest oil importer bought a record 107 million tons of crude oil from Russia in 2023, nearly a 25% increase compared to 2022, according to customs data released on Monday. While Saudi Arabia’s share of the Chinese market – according to the data – amounted to about 86 million tons. This is the first time that Russia has become China’s number one supplier since 2018.

Chinese President Xi Jinping said in December 2023 that China will support and promote the country’s economic recovery in 2024. According to Reuters, he added in a televised speech on the occasion of the New Year that China will deepen reforms to enhance confidence in the economy. Xi said China “will work to support and consolidate the positive trend of economic recovery and achieve stable and long-term economic development.” “We must comprehensively deepen reform and opening-up, continue to enhance confidence in development, enhance economic vitality, and make greater efforts to promote education, promote science and technology, and cultivate talents,” he added.