Oct 16 - 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 main gas export route is a 4,000-km pipeline Power of Siberia that links East Siberian fields to northeast China.
However, the talks about prices and other issues related to the route have so far failed to yield any tangible results.
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