China’s yuan denominated Russia crude rivals Saudi imports
In 2021, China imported 79.6 million tons of crude from Russia (1.6 million barrels per day) vs. 87.6 million tons from Saudi Arabia (1.8 million barrels per day). These two producers respectively accounted for 15.5% and 17.1% of China’s total crude import at 513.2 million tons (10.3 million barrels per day), which was near Saudi Arabia’s total 2021 output of 515 million tons. At present demand, China is both Saudi Arabia and Russia’...
