TRUTH PUKE’S TAKE: According to trade sources and shipping data, Chinese state oil giants and major private refiners are increasing their imports of Russian crude, which is boosting prices and forcing smaller independents to seek out cheap alternatives such as Iranian oil.
China’s biggest buyers, who had previously shied away from Russian crude due to Western sanctions, have resumed imports, and large private oil refiners have also started receiving Russian crude from March, attracted by wide discounts for the oil. China’s overall Russian crude imports rose to a record 9.61 million tonnes in March, and the country’s imports of Russian Urals are expected to continue to increase.
Smaller independent refineries, known as teapots, are looking for alternatives such as Russian Arctic grades, Iranian, and Venezuelan oil due to rising prices. Shandong province, home to most of the teapots, imported a record 4.2 million barrels of Varandey crude from the Russian Arctic in March. Meanwhile, Iranian oil for June-arrival is priced at a discount of about $11 a barrel against ICE Brent futures, slightly cheaper than Urals.
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#China #Chinese #sanctions #OilBan #Oil #CrudeOil #OilPrice #RussianCrude #RussiaOil #petroleum #refinery #teapot #Urals #Brent
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