Russia beat out Saudi Arabia as China’s largest oil supplier in May, customs data showed on Tuesday, marking the third month in a row the world’s biggest oil producer has topped the world’s biggest oil exporter in feeding China’s market. Russia’s exports to the world’s No. 2 oil consumer hit a fresh record and reflect continuing strong demand from China’s independent refiners. China imported 5.245 million tonnes, or around 1.24 million barrels per day (bpd) of crude oil from Russia last month, up 33.7 percent year on year, and beating the previous record in April of 1.17 million bpd. Russian imports surpassed Saudi Arabian imports for the first time on a cumulative basis. For the first five months of 2016, Russian […]