Moscow is able to find buyers for its oil despite western sanctions, though it has had to slash prices.
and trader Zhenhua Oil, have stepped up buying cheaper Russian oil on top of sanctioned supplies from Iran and Venezuela that allows them to scale back competing supplies from West Africa and Brazil.
Customs data released on Monday, June 20, also showed China imported 260,000 metric tons of Iranian crude oil last month, its third shipment of Iran oil since last December, confirming an earlier Reuters report. China’s overall crude oil imports rose nearly 12% in May from a low base a year earlier to 10.8 million bpd, versus the 2021 average of 10.3 million bpd.
Imports from Malaysia, often used as a transfer point in the last two years for oil originating from Iran and Venezuela, amounted to 2.2 million metric tons, steady versus April but more than double the year-earlier level.
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