China extends record imports of Russian oil into June
WORLD 06 July 2022 - 16:42
China extended record imports of low-priced Russian crude oil into June despite a lockdown-induced slackening in its total crude oil imports, squeezing out supplies from the Middle East and West Africa, according to tanker trackers and traders.
Russia remained China's top supplier for the second month in a row, surpassing Saudi Arabia, according to tanker tracking specialists Vortexa, Kpler and Refinitiv, Reuters reported on July 6.
China is the world's top importer of crude and Russian oil helps Chinese refiners keep costs down at a time when their margins are crimped by slowing demand from strict COVID-19 controls and Beijing's restrictions on fuel exports amid supply concerns.
June imports of Russian oil -- including seaborne shipments and pipeline supplies -- are set to total about 2 million barrels per day (bpd), or 15% of China's crude demand, on par with May's record volume, these analysts said.
Meanwhile, overall Saudi oil imports in June are forecast to slump to a near two-year low of 1.3 million bpd, Refinitiv estimated.
Seaborne Russian shipments were estimated at between 1.04 and 1.15 million bpd last month, steady versus May's near-record high at around 1.1 million bpd, according to the analytics firms.
Separately, China is set to receive approximately 880,000 bpd of Russian oil via the two East Siberia-Pacific Ocean Pipelines (ESPO) and the Kazakhstan-China pipeline under government deals, with all the three projects pumping at maximum rates, said two traders with the knowledge of the matter.
Alongside India, the world's third-largest crude importer, the Asian economic powerhouses have since May ramped up Russian oil imports after western companies backed off dealing with Moscow for fear of falling foul of sanctions over Russia's invasion of Ukraine or drawing negative publicity.
Combined, the two countries bought an additional 1 million bpd of Russian oil in May versus April, according to Chinese customs and Indian trade sources. That is equivalent to a fifth of Russia's total exports, providing Moscow with a buffer from western sanctions while bolstering refining profits at home.
Caliber.Az
1
|
20 points. What did Armenia, the EU and the US agree on in Brussels? Sensational details on Caliber.Az
17 April 2024 - 11:01
|
2
|
Caliber.Az to reveal sensational details of "Brussels meeting" Important announcement
16 April 2024 - 12:09
|
3
|
Iran seeks international backing following missile strikes on Israel Raisi calls Russia & Qatari leaders amid tension
17 April 2024 - 16:56
|
4
|
Serbian President seeks Azerbaijani support amid Western pressures Insights from Political Scientist Stevan Gajić
17 April 2024 - 13:10
|
5
|
French ambassador recalled from Azerbaijan amidst bilateral strain Macron admits defeat
17 April 2024 - 15:19
|
EU prepares 14th package of sanctions targeting those circumventing restrictions on Russia
19 April 2024 - 14:51
FM: Armenia – still Russia’s ally
19 April 2024 - 14:48
Ukraine is ignoring US warnings to end drone operations inside Russia
19 April 2024 - 14:30
Russian peacekeepers commence troop withdrawal from Azerbaijan
Initial batch transferred via Goran railway station19 April 2024 - 14:09
French Chateau, once owned by Rothschild Family, selling for over $400 million
19 April 2024 - 13:57
Politician: Armenia must eliminate Russian presence in Armenia
19 April 2024 - 13:42
Azerbaijan conducts "Caspian Sky-2024" tactical exercises to enhance air defence
PHOTO/VIDEO19 April 2024 - 13:34
IAEA: No damage to Isfahan Nuclear Facility in central Iran
19 April 2024 - 13:22
Azerbaijani sappers uncover explosives cache in Karabakh
19 April 2024 - 13:15
Spain may unilaterally recognise Palestinian statehood within weeks
19 April 2024 - 13:05
Azerbaijan’s ASAN service, UN to launch joint project
19 April 2024 - 12:50
Armenian PM’s participation in Russian president’s inauguration raises speculation
19 April 2024 - 12:35
Russian peacekeepers withdraw from Karabakh
Amid changing dynamics in region19 April 2024 - 12:32
Tesla CEO reacts to alleged Israeli airstrike on Iran
19 April 2024 - 12:18
CIA trying to determine damage and Iranians’ reaction
19 April 2024 - 12:05
Azerbaijan building new road in Karabakh
PHOTO / VIDEO19 April 2024 - 11:50
How Ukraine can counter Russian strikes?
Report by ISW19 April 2024 - 11:35
White House admits Biden uncle wasn’t eaten by cannibals, died in Pacific Ocean crash
19 April 2024 - 11:21
CIA Director: Ukraine could lose by end of 2024
19 April 2024 - 11:08
Russian media tycoon accused of embezzling billion rubles, fleeing justice
19 April 2024 - 10:57
Israel hits military air base in Iran
19 April 2024 - 10:55
European Bank for Reconstruction and Development unveils investment volume in Azerbaijan
19 April 2024 - 10:50
Crude oil prices jump, equities sink as Israel rains missiles on Iran in retaliation
19 April 2024 - 10:40
Azerbaijan continues clearing Khankandi of Armenian weapons
19 April 2024 - 10:27
Armenian prime minister unveils details of Brussels meeting
19 April 2024 - 10:12
A Tu-22M3 bomber crashes in Russia
VIDEO19 April 2024 - 09:57
Iraq, Iran, Syria sign agreement to combat terrorism
19 April 2024 - 09:42
US not involved in Israeli strike in Iran: media
19 April 2024 - 09:30
COP29, European Investment Bank presidents discuss roles in climate finance
19 April 2024 - 09:17
Israel launches "limited" retaliatory strike on Iran
LIVE19 April 2024 - 09:03
Police evict migrants from disused French office block ahead of Olympics
19 April 2024 - 09:02
This lava tube in Saudi Arabia - human refuge for 7,000 years
19 April 2024 - 07:03
Luxury bargain hunters head to Japan as weak Yen brings big discounts
19 April 2024 - 05:04
Two countries in Europe powered by 100% renewable energy as wind capacity soars
19 April 2024 - 03:05
Farewell to metals in industry forever
19 April 2024 - 01:03
Poland to join European Sky Shield scheme, following thaw with Berlin
18 April 2024 - 23:00
UN chief sees risk of full-scale conflict in Middle East
18 April 2024 - 21:16
Azerbaijan, Austria discuss areas of potential cooperation
PHOTO18 April 2024 - 21:04
Azerbaijan discusses partnership opportunities with CICA at COP29
PHOTO18 April 2024 - 20:53
Russian Army deploys new version of BM-27 Uragan MLRS Rocket Launcher in Ukraine
18 April 2024 - 20:40