Russia has become China's largest oil supplier, overtaking Saudi Arabia

Russia overtook Saudi Arabia last year to become China's biggest oil supplier, according to customs data from Beijing cited by CNN.

These figures, published on Sunday, show that in 2023 the world's largest oil importer bought a record 107.02 million tonnes of crude oil from Russia, 24% more than in 2022. By comparison, China bought from Saudi Arabia a quantity of 85.96 million tons of crude oil last year, down 2% compared to 2022.

The development shows Moscow's "desperate search" for new buyers, amid Western sanctions imposed as a result of the invasion of Ukraine, in 2022. Russia now generates 19% of China's oil imports, and Saudi Arabia - 15%, according to the quoted source.

Russia became China's biggest oil supplier eight years ago, but fell behind Saudi Arabia between 2019 and 2021 as the Gulf country boosted its energy trade with Beijing. However, from 2022 China expanded its purchases of cheaper Russian oil after the West hit Moscow with unprecedented sanctions. China's imports of Russian crude increased by 8% in 2022 compared to 2021 to 86.24 million tons. And its neighbor, India, has significantly increased its purchases.

China's total spending on Russian crude reached $60.64 billion last year. That translates to an average import price of $566.64 per ton, according to CNN calculations. That was about 10% lower than the average price it paid for Saudi crude, which was $626.86 a tonne.

Russian oil price cuts have helped China lower its energy bills. Despite an 11% increase in total crude oil imports, including from Saudi Arabia and Iraq, its total spending on oil purchases actually fell 7.7% in 2023 compared to 2022 to 337.5 billion of dollars, the cited customs data show.

Despite the war, Beijing and Moscow have developed closer ties in areas other than energy over the past two years. Global trade between China and Russia reached a new record of $240 billion in 2023, up 26% from the previous year. That means the two countries have reached a goal set in 2019 about a year ahead of schedule.

In the two years since the invasion of Ukraine, hundreds of global brands have fled Russia. This has forced the Russians to find alternatives for everything from smartphones to cars, with Chinese firms often benefiting from the situation.

Last month, Chinese leader Xi Jinping welcomed Beijing's partnership with Moscow during a meeting with Russian Prime Minister Mikhail Mishustin.