CHINA INCREASES ITS RUSSIAN OIL IMPORTS

China increased its imports of Russian oil to a record of 5.2 million tons in May — roughly 1.24 million barrels every day. The data were published by the Chinese General Administration of Customs on Tuesday and reported by Reuters.

In annual terms, China's oil imports from Russia in May rose by 33.7 percent, and shipments from Saudi Arabia grew 33.6 percent last month over the year--ago level to around 961,000 barrels per day, the data showed. Saudi Arabia is now the second-ranking supplier to China. This is a news that must satisfy President Vladimir Putin.

Chinese imports from Iran reached 619,300 barrels per day, up 19.5 compared to a year ago.

China surpassed Germany to become the largest importer of Russian oil in 2015, the Vedomosti newspaper reported in March, citing a report from the International Energy Agency.

Part of the aggressive Chinese strategy to access crude, it seems that China is in negotiation to buy in a large stake (19.5%) in state-controlled oil producer Rosneft in a joint deal with India. Rosneft shares are up more than 50% this year in trading on the Moscow Exchange, and were higher by 5% in recent trading in London and Moscow (ROSN.UK). According to Reuters Rosneft pumps more crude than ExxonMobil.

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