China imported daily average of 4.69 million tons, or 34.38 million bpd, of crude oil from Russia last month. That’s 9.3 percent more than the February average, putting Russia back at the top spot of China’s foreign oil suppliers, above Angola, which sits at number 2. Saudi Arabia fell to number 3 in March, as it cuts output deeper than it was expected to under the OPEC agreement from November.
The shuffle comes amid talks in OPEC about extending the six-month production output cut to further strengthen prices, which turned out to be less responsive to the international effort than expected.
Indeed, in six of the last seven trading sessions, crude oil benchmarks actually slipped as doubts about an extension agreement begin to rise among traders. WTI is back below $50 and Brent is holding a smidge above.…
Now Russia is fueling the worry further: Reuters reported that some Russian government officials have said the country’s oil production could rise to the highest in 30 years in 2017 if the extension agreement falls through. The possibility is reflected in local oil companies’ investment plans for the year.
Full article: Russia Regains Status As China’s No.1 Crude Supplier (OilPrice)