Citing data from the General Administration of Customs of China, the agency reports that Beijing imported 108.5 million tons of Russian oil, which is equivalent to 2.17 million barrels per day.
Reuters explains that China's refineries were seeking cheaper oil to offset weakening margins, as well as a directive from authorities to create oil reserves.
At the same time, as noted by the media, China's purchases of raw materials from Saudi Arabia fell by 9%, amounting to 78.64 million tons or approximately 1.57 million barrels per day.
Overall, the volume of oil imports into China, the world's largest buyer of raw materials, decreased by 1.9% over the past year, marking the first annual decline in imports since the COVID-19 pandemic.