China has trimmed its dependence on some of the world’s biggest oil suppliers, with the market oversupply helping Beijing to diversify its sources of foreign crude further.
China’s imports from Opec producer nations, such as Saudi Arabia and Libya, have dropped considerably in recent years, while it has tapped more supplies from Russia and Brazil, according to the latest Chinese customs data.
China has an outsized influence on world oil markets, meaning Opec nations — in particular Saudi Arabia — prioritise exports to the country.
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