MOSCOW - Since the start of the Ukrainian conflict, Russia, a leading global oil producer, has cemented its energy ties with China, the world's No. 2 oil consumer after the United States.
Bilateral trade value surged to $21.18 billion last month, the highest since February 2022 when Russia started its military operation in Ukraine. From January to September, Russia supplied 1.3 million bpd of seaborne crude, based on the average of data supplied by Vortexa and Kpler. China also imported about 800,000 bpd of ESPO crude via pipeline, according to Chinese trading sources.
China has this year saved $4.34 billion by importing Russian oil, based on Reuters' comparison of the monthly price differentials between ESPO and Tupi crude from Brazil, and Urals versus Oman, using price information provided by traders.Russia's pipeline natural gas exports to the European Union may fall to 21 billion cubic metres this year, almost two-thirds lower than last year and a more than a six-fold drop from 2021, according to a forecast by Russian state bank VEB.
Supplies via the Power of Siberia pipeline, which is not connected to the network of westbound Russian gas pipelines, began in late 2019 and are due to rise to 38 bcm a year by 2025, up from 10.5 bcm in 2021 and 15.5 bcm in 2022, under a 30-year contract worth more than $400 billion. During President Vladimir Putin's visit to China last year, he secured a 30-year contract to supply 10 billion cubic metres of gas a year to China via a new pipeline from Russian island of Sakhalin.
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