China Saved Billions From Buying Sanctioned Oil: Report

NTD Newsroom
By NTD Newsroom
October 11, 2023China in Focus

With Beijing on the hunt for better savings. the Chinese regime appears to be snapping up imports at a discount because they’re coming from sanctioned countries.

According to a Reuters analysis, China has saved nearly $ 10 billion dollars this year — by ramping up oil purchases from countries under Western sanctions.

Its top suppliers are Russia, Iran, and Venezuela.

With the lowered prices driven by trade barriers.

Those imports have significantly boosted China’s oil industry from small independent operators known as “teapots” all the way up to state-owned oil refiners.

The purchases also serve as life support for Russia, Iran, and Venezuela — as Western sanctions cripple their economies.

From January to September, China took in a record 2.7 million barrels of crude oil per day from the three countries.

Accounting for a quarter of the regime’s imports during those months.

Worth noting, China is the world’s second-largest oil consumer and refiner.

China in Focus Weekly Newsletter
Find out what's really going on in China
By registering for the newsletter, you agree to the Privacy Policy.