China increased oil imports from Russia in April as Gulf supplies dropped due to regional tensions, but faces questions about whether Russian oil remains cost-competitive as market conditions shift.

South China Morning Post

While China’s oil and gas imports from Gulf nations plunged in April amid the Strait of Hormuz crisis during the US-Israeli war on Iran, shipments from Russia have provided Beijing with a partial buffer for its growing economy.
Russia’s crude shipments to China rose 11.3 per cent year on year to nearly 9 million tonnes in April, according to Chinese customs data released on Wednesday.
But market conditions have also shifted. Much of the discount on Russian oil and gas – long a source of cheap...