China recalled the need to "be constructive" in the supply of oil

The international community must make "constructive efforts" to secure global oil supplies, Chinese Foreign Ministry spokesperson Mao Ning said at a briefing, Sina reported.

“Oil is one of the key commodities, it is extremely important to ensure the security of global supplies of this energy carrier. We believe that all parties should make constructive efforts to this end,” said a Chinese Foreign Ministry spokeswoman, referring to the ceiling on Russian oil prices imposed by Western countries.

Asked if Beijing is considering joining the price ceiling agreement, Mao Ning replied, "China and RUSSIA have always developed energy cooperation in the spirit of mutual respect, mutual benefit and win-win."

On December 5, Western countries began to limit the price of Russian-produced oil at $60 per barrel. The price ceiling was approved by the G7 countries (G7: usa , UK, Germany, France, CANADA, Italy and Japan), as well as Australia and the European Union. In addition, from December 5, the European embargo on the supply of Russian crude oil by sea begins to operate.

The European Commission published clarifications on the introduction of a ceiling on oil prices Politics

Russia promised not to supply oil to countries that approved the restrictions. Deputy Prime Minister Alexander Novak said that Russia would redirect supplies to market-oriented partners or reduce production, and spoke about the development of a mechanism that would prohibit the application of the limit. On the eve of the entry into force of the price ceiling, Russia bought more than a hundred tankers to sell oil and deliver to India, CHINA and Turkey, the Financial Times reported, citing ship brokers and analysts interviewed.

On December 4, OPEC+ decided to keep the current oil production plan, which provides for a reduction in production from November by 2 million barrels. per day. The decision was made against the backdrop of an unstable market situation, including the suspension of the purchase of Russian oil by China, wrote BLOOMBERG.

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In nine months, China purchased 64.3 million tons of crude oil from Russia, or 7.1 million tons on average monthly. From September, Beijing began to cut imports. According to REUTERS, this is due to the fact that independent refineries have reduced refining volumes amid low margins and sluggish demand.

At the end of November, China partially suspended purchases of Russian oil. Bloomberg sources attributed this to the expectation of more profitable deals after the introduction of the ceiling on the cost of raw materials.