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. Continue reading