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China finds the largest oil reserve

Chinese oil giant CNPC has found the country's largest shale oil reserve.

Its volume is one billion tons. New oil fields have been explored at the Ordos field in Gansu Province. They started the exploration and production of raw materials in 2019. According to experts, the discovery will stop the growth of China's dependence on oil imports. At present, China provides about 70 percent of the national oil consumption through supplies from other countries.

Earlier it was reported that oil supplies from Russia to China collapsed by 15.3 percent in April this year. The export of raw materials from Saudi Arabia to China was 6.47 million tons against 7.84 million tons a month earlier (minus 17.5 percent), from Russia - 6.3 million tons against 7.44 million tons. In third place was Iraq with 4.45 million tons against March's 3.62 million tons (plus 22.9 percent).

In the first four months of this year, China reduced its purchases of Russian oil by 2.14 percent in annual terms. In 2020, China imported more than 83.4 million tons of raw materials worth $27.6 billion from Russia.

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