China secures oil supplies from Russia
Chinese refineries have placed orders for Russian crude oil expected to arrive in the country in October and November, in the form of 15 shipments of between 700,000 and one million barrels each, departing from Russian Arctic and Black Sea ports that normally ship to India
China will receive 15 shipments of crude oil from Russia between October and November, each weighing between 700,000 and 1,000,000 barrels.
Chinese refineries have secured shipments from Russia in the face of falling demand from India, which has been severely impacted by US President Donald Trump’s tariffs.
“As of last week, China’s state-owned and large private refiners had purchased around 13 cargoes of fuel from western Russia for October delivery and at least two cargoes for November,” said Muyu Xu, a senior crude oil analyst at Kpler, which tracks commodities and shipping data.
According to Xu, this purchase of Russian crude reflects “an opportunistic decision, as the price of Russian oil was still at least US$3 per barrel cheaper than Middle Eastern alternatives.”
Considering the possibility that this favorable price will continue, Xu estimates that Chinese refiners could continue buying in the next week or two.
M.Pino
Source: cnnespanol
(Reference image source: Belov Sergey on Unsplash)
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