China has become Russia’s top crude oil importer since they imported a record of 3.92 million metric tons of crude oil.
According to Gao Jian, an analyst, Russia has increased its export of crude oil due to the good relations with China.
Based on the data from the Chinese General Administration of Customs, only 3.05 million tons were delivered to China from Saudi Arabia previous month, while Angola has delivered 3.26 million tons in May. While in April, China has imported 5.26 million tons of Saudi oil, which is the highest level since June 2013.
Iran plans to increase worldwide sales in six months if sanctions upon them are lifted and its nuclear problem is concluded by June 30.
At International Economic Forum in St. Petersburg in 2013, Russia and China have signed a 25 year $270 billion oil deal. Under the provisions of this contract it is expected that 360.3 million tons of crude oil will be exported to China.
Another contract reinforced cooperation of two countries when Rosneft and China’s Sinopec concluded $85 billion deal for distributions of up to 100 million tons of crude during the course of 10 years.