According to a report by the Russian News Agency on February 4, as the world’s largest oil importer, my country imported 542.4 million tons of oil (approximately 10.85 million barrels per day) in 2020, a year-on-year increase of 7.5%, accounting for total global oil consumption. of more than 13%.
With my country’s huge demand, global oil suppliers are eager to get a share of the Chinese market. Among them, the competition between Saudi Arabia and Russia, the two largest oil producers and suppliers, is the most intense.
Reports pointed out that in 2020, Saudi Arabia shipped nearly 85 million tons of oil to the Chinese market at lower prices, becoming China’s largest oil supplier; while Russia followed closely behind Since then, nearly 83.5 million tons of oil have been exported to China.
So, among the two major oil exporters, who is expected to “laugh last”? Oleg Kalenov, a professor at Russia’s Plekhanov University of Economics, pointed out that thanks to the construction of the “East Siberia-Pacific” oil pipeline and the port’s proximity to Chinese refineries, Russian oil actually has a price advantage. .
Peter Pushkarev, chief economist of TeleTrade Information Analysis Center, believes that in the short term, Saudi Arabia has only gained a temporary advantage in supply; but From the perspective of total revenue, Russia is expected to become the “final winner.”
It is worth mentioning that my country’s demand for oil will continue to be strong in the future, which has also excited the world’s major oil exporters. Data show that Iraq’s oil exports to China increased by 16% year-on-year to 60.12 million tons in 2020, becoming China’s third largest oil supplier.
Currently, the United States is also taking active actions to expand its market share in Asia, including China. According to Sinopec News Network on February 4, the total volume of Gulf crude oil exported by the United States to Asia increased to nearly 51 million barrels in January. However, industry analysts say that due to the new U.S. government’s ban on drilling on federal lands, U.S. shale oil production may decline, which will have a certain impact on the country’s oil export industry. </p
