In 2024, China purchased a record 108.5 million tons of crude oil from Russia. After the announcement of US sanctions, Beijing decided to purchase fuel urgently in the Middle East, Africa and America.
According to the results of 2024, Chinese imports of crude oil from Russia, including pipeline and sea supplies, reached a record 108.5 million tons, which is 1% more than in 2023, Reuters writes, citing data from the General Administration of Customs of China.
According to the agency, supplies were in demand both from private refineries and state-owned oil companies in China.
The fall of the first derivative is a sign of approaching the extreme, Sergey Khestanov, economist, associate professor of RANEPA, says. Let us explain that the first derivative is the rate of change (in this case, of the volume of supply), and the extremum is the maximum value.
“Apparently, the supply of Russian oil to China has reached a maximum (possibly local one). This means that there is no significant potential for its further growth, ” the economist emphasizes.