The expert named the reasons for the increase in oil imports by China

China is increasing oil imports from various countries amid possible trade restrictions from the United States, as well as due to rising domestic consumption. Igbal Guliyev, Deputy Director of the MGIMO International Institute of Energy Policy and Diplomacy, Doctor of Economics, told Izvestia on April 16.

Earlier it was reported that the average daily volume of oil imports by China in March amounted to 12.11 million b/d, which is the highest level in the last year and a half, according to calculations by Interfax based on data from the General Customs Administration of the People's Republic of China.

"In my opinion, China began to increase oil imports from different countries against the background of signals that were received on the eve of Donald Trump's actions and the trade wars between China and the United States. This was probably the main reason," Guliyev explained.

He also added that independent refineries in China have increased domestic refining volumes. In addition, according to forecasts by the International Energy Agency (IEA), China's oil consumption this year and next may reach 17 million barrels per day.

"As for supplies from Russia, this issue is currently being discussed within the framework of Sino-Russian energy cooperation. It is likely to become one of the key topics during the upcoming visit of the delegation of the Ministry of Energy to China," Guliyev summed up.

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The increase in supplies is more related to long-term agreements than duties, experts say.

On April 4, Olga Veretennikova, vice president of the Borsell analytical company, told Izvestia that after Trump's new tariffs and retaliatory measures from China, there was a sharp drop in oil prices. She pointed out that the United States and China account for almost half of the global economy (43%). The outbreak of trade wars can lead to serious problems in the economies of these countries, which will cause them to buy less goods from other countries and the consumption of oil and petroleum products will also decrease, the expert said.

A month earlier, Trump accused China of failing to combat drug trafficking and doubled import duties on goods from China from 10% to 20%. On February 4, the State Council of the People's Republic of China reported that from February 10, China will impose duties of 15% on coal and liquefied natural gas (LNG) from the United States. In addition, it was noted that tariffs of 10% will be levied on American oil, multicompact cars, pickups and agricultural machinery.