SINGAPORE : Chinese state oil giants and major private refiners are sweeping up more Russian crude, supporting prices and forcing smaller independents to seek out cheap alternatives such as Iranian oil, according to trade sources and shipping data.The demand from China's biggest buyers, which had shied aw
SINGAPORE : Chinese state oil giants and major private refiners are sweeping up more Russian crude, supporting prices and forcing smaller independents to seek out cheap alternatives such as Iranian oil, according to trade sources and shipping data.
Four cargoes of about 740,000 barrels each of low-sulphur ESPO crude discharged at Hengli's Dalian berth in March while another two arrived in April, the Kpler data showed. Shenghong imported a Urals crude cargo of about 720,000 barrels in March and 1 million barrels in April, Kpler showed. "China's imports of Russian Urals are on track to break March's record as more refiners start to tap on the discounted crude from Russia's Baltics," said Vortexa analyst Emma Li.Russia's oil exports from western ports will rise to the highest since 2019, despite Moscow's pledge to cut output.
With the return of big buyers, price-sensitive teapots are looking for alternatives such as Russian Arctic grades, Iranian and Venezuelan oil. But 1.07 million bpd of crude were shipped from oil transfer hub Malaysia to China last month, up 64 per cent from the average during the January-February period.
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