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The huge price difference between Saudi Arabian crude oil and Russian crude oil has propelled China to become the largest importer of crude oil

• Jiangsu Dageng
• 2023-07-25
• 2038 order

The huge price difference between Saudi Arabian crude oil and Russian crude oil has propelled Russia to become China's largest source of crude oil imports after April this year. The price of Saudi crude oil has increased from less than $80 per barrel in January to $117 per barrel in June, while the price of Russian crude oil has dropped from $102 per barrel in January to the current $80 per barrel, with the opposite trend in price.

In the first half of this year, China imported 303 million barrels of crude oil from Russia, with a total trade volume of 28.15 billion US dollars. Unlike other major oil exporting countries in the world, Russia can transport crude oil to China through two oil pipelines, namely the Central and Far East, or sea freight to China through ports in the Far East.

The Central China Russia Oil Pipeline enters Xinjiang via Dzungarian Gate, with a design capacity of 20 million tons/year (about 400000 barrels/day). The Far East Pipeline directly enters Northeast China, with a design capacity of 35 million tons/year (about 700000 barrels/day). The total transport capacity of the two pipelines is 1.1 million barrels/day.

Dengwei International Trade (Shanghai) Co., Ltd. is headquartered in Shanghai and is one of the well-known steel service providers in China, mainly engaged in steel import and export trade.

We have extensive business relations with major steel mills in Europe, America, Japan, and other countries. We supply special alloy materials such as nickel based alloys, nickel cobalt based heat resistant alloys, high corrosion resistant alloys, super austenitic stainless steel, titanium and titanium alloys, and pure nickel all year round. All products of the company are supplied according to DIN/EN, American ASTM/ASME, German DIN, Japanese JIS and other standards, and can be supplied according to the standards and technical requirements provided by customers. The product forms available include plates, strips, pipes (seamless and welded pipes), rods, forgings, fittings, flanges, and welding materials.