Russian oil supplies to China rise 9.5 per cent in January-October

China's oil imports from Russia jumped 16 per cent in October from the same month last year to just behind top supplier Saudi Arabia, as state-run firms stocked up before a European embargo over Russia's invasion of Ukraine kicked in.

Supplies from Russia, including oil pumped through the East Siberia Pacific Ocean pipeline and seaborne shipments from Russia's European and Far Eastern ports, totalled 7.72 million
tons, Reuters reports citing the data from the Chinese General Administration of Customs.

That amount, equivalent to 1.82 million barrels per day (bpd), was steady from September but off May's record of nearly two million bpd.

State-run traders including Unipec, Zhenhua Oil and Chinaoil ramped up imports of Russian Urals, loaded mostly from European ports, before winding down purchases in recent weeks in the face of imminent European Union sanctions and uncertainty surrounding a Group of Seven plan to cap Russian oil prices.

Saudi shipments rose 12 per cent from a year earlier to 7.93 million tons, or 1.87 million bpd, versus September's 1.83 million bpd.

Year-to-date, Saudi Arabia remained China's top supplier with volumes of 73.76 million tons, similar to the same period last year.

January-October Russian supplies rose 9.5 per cent on year to 71.97 million tons, helped by refiners' consistent appetite for the discounted oil.