27 Apr 2023 | 06:29 UTC
Infographic: War, sanctions drastically alter Chinese independent refiners' crude palate
From an astronomical rise in Russian crude share to the dramatic erosion of inflows from Africa and the Middle East, one year of the Russia-Ukraine war has brought about structural changes to the crude consumption pattern of China's independent refining sector, which accounts for nearly one-third of the country's overall crude imports and more than half of the nation's crude intake from Russia.
While the surge in Russian oil inflows to record highs reflects China's growing importance as a key trading partner for Russia in the wake of the war in Ukraine, it has also started giving a headache to Latin American and Middle Eastern suppliers, which are seeing their market share fall in Asia's largest oil consumer.
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