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Russia Knocks Saudi Arabia From Top Spot as China’s Leading Oil Supplier

Source: China's General Administration of Customs via Reuters.

Russia overtook Saudi Arabia in the first two months of the year as China’s largest oil supplier, with purchases surging 24% compared to the same time last year, according to new Chinese customs data.

Chinese buyers were seemingly keen to take advantage of the heavily discounted Russian crude that’s struggled to find markets amid the U.S.-European-led sanctions brought on in response to Moscow’s invasion of Ukraine.

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