SINGAPORE : China's seaborne imports of Russian oil are set to hit a record this month after refiners took advantage of cheap prices as domestic fuel demand rebounded, but Russia's plan to cut exports will likely cap buying in coming months.Hefty Chinese buying, alongside robust Indian demand, has been s
SINGAPORE : China's seaborne imports of Russian oil are set to hit a record this month after refiners took advantage of cheap prices as domestic fuel demand rebounded, but Russia's plan to cut exports will likely cap buying in coming months.
The data also pointed to record arrivals of rarely bought oil from Russia's Arctic, with three tankers carrying about 3.15 million barrels due to reach China this month, after 2.7 million barrels landed in February. State-owned PetroChina and Sinopec recently resumed buying Urals - a medium heavy, high sulphur crude loaded from Russia's European ports - after receiving permission from their headquarters, looking to boost refining margins.
The discounts have widened to $14 a barrel for April-delivery cargoes, which are $2 cheaper than similar quality Oman crude, traders said.
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