"China's 2023 Oil Supply: Defying Sanctions with Russian Partnership"

Despite Western sanctions, Russia became China's top crude oil supplier in 2023, shipping a record 107.02 million metric tons of crude oil, surpassing Saudi Arabia and Iraq. The discounted Russian crude, shunned by international buyers, found demand from Chinese and Indian refiners, pushing past the Group of Seven's $60 a barrel price cap. Chinese refiners used intermediary traders and trans-shipment points to handle Russian crude and circumvent sanctions. Meanwhile, China's overall crude imports for 2023 rose to a record 563.99 million metric tons.