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Russian Oil Seen Heading East Not West in Crimea Spat
By Rakteem Katakey Mar 25, 2014

The Crimean crisis is poised to reshape the politics of oil by accelerating Russia’s drive to send more barrels to China, leaving Europe with pricier imports and boosting U.S. dependence on fuel from the Middle East.
China already has agreed to buy more than $350 billion of Russian crude in coming years from the government of President Vladimir Putin. The ties are likely to deepen as the U.S. and Europe levy sanctions against Russia as punishment for the invasion of Ukraine.
Such shifts will be hard to overcome. Europe, which gets about 30 percent of its natural gas from Russia, has few viable immediate alternatives. The U.S., even after the shale boom, must import 40 percent of its crude oil, 10.6 million barrels a day that leaves the country vulnerable to global markets.
The alternatives to Russia also carry significant financial, environmental and geological challenges. Canada’s oil sands pollute more than most traditional alternatives, while Poland’s promising shale fields have yet to be unlocked. The biggest oil finds of the past decade are trapped under the miles-deep waters offshore Brazil and West Africa.

China’s Stance
As world leaders gathered in The Hague to discuss nuclear security issues, U.S. President Barack Obama sought to encourage Chinese criticism of Russia on Ukraine. Chinese President Xi Jinping in turn pressed Obama about a reported U.S. breach of the servers of China’s largest phone-equipment maker.
China has always held a “just and objective attitude” toward the Ukraine crisis, Xi said in the meeting with Obama, according to areport yesterday from China’s official Xinhua news agency. The world’s biggest energy user, China abstained from the United Nations Security Council resolution that declared the Crimean succession referendum illegal. Russia vetoed it.
China imported a record amount of Russian crude last month, 2.72 million metric tons, about a supertanker full every three days. The total more than tripled in a decade, and Russia now represents 12 percent of China’s crude imports, customs data show, among the highest levels in the past seven years.

Long-Term Objective
“It’s always been assumed Russia reorienting its shipments toward China would be a long-term objective; originally it was considered something of a leverage point for Russia,” said Robert Kahn, a senior fellow at the Council on Foreign Relations in Washington. “Now people may see it as a reaction to the possible loss of a European market.”
As the world’s largest oil producer, Russia exported about $160 billion worth of crude, fuels and gas-based industrial feedstock to Europe and the U.S. in 2012, according to the International Trade Centre’s Trade Map, which is sponsored by the World Trade Organization and the United Nations.
European members of the Paris-based International Energy Agency imported 32 percent of their raw crude oil, fuels and gas-based chemical feedstock from Russia in 2012.

Берем предложение China imported a record amount of Russian crude last month и преобразуем в следующие видовременные формы:Present SimpleChina imports a record amount of Russian crude monthly.Present ContinuousChina is importing a record amount of Russian crude these days.Present PerfectChina has imported a record amount of Russian crude this month.Present Perfect ContinuousChina has been importing a record amount of Russian crude for two years.Past SimpleChina imported a record amount of Russian crude last month.Past ContinuousWhile U.S. President Barack Obama was seeking to encourage Chinese criticism of Russia on Ukraine, China was importing Russian crude.Past PerfectWhen U.S. President Barack Obama sought to encourage Chinese criticism of Russia on Ukraine, China had already imported a record amount of Russian crude. Past Perfect ContinuousWhen world leaders gathered in The Hague to discuss nuclear security issues, China had been importing Russian crude for two years.