China turns to Russian oil as Gulf supply drops – but is it too expensive?

While China’s oil and gas imports from Gulf nations plunged in April amid the Strait of Hormuz crisis during the US-Israeli war on Iran, shipments from Russia have provided Beijing with a partial buffer for its growing economy. Russia’s crude shipments to China rose 11.3 per cent year on year to nearly 9 million tonnes in April, according to Chinese customs data released on Wednesday. But market conditions have also shifted. Much of the discount on Russian oil and gas – long a source of cheap...

By Xinyi Wu