Chinese Refineries Boost Purchases of Russian Oil — Bloomberg

Chinese refineries have stepped up purchases of Russian Urals crude after India cut back on imports following new U.S. tariffs, Orda.kz reports, citing Bloomberg.

Experts note that Urals crude, shipped from ports in western Russia, remains competitive compared to alternative grades from the Middle East.

China — the largest importer of Russian oil — typically buys supplies shipped via the Far East.

But in August, according to Kpler data, shipments of Urals crude from Baltic and Black Sea ports to China reached 75,000 barrels per day, nearly double the year-to-date average of around 40,000 barrels per day.

In contrast, exports to India in August dropped to 400,000 barrels per day, down from an average of 1.18 million.

According to Kpler and Energy Aspects, Chinese refineries have purchased 10 to 15 cargoes of Urals crude for delivery in October and November.

At present, at least two tankers carrying Urals crude — each with a capacity of 1 million barrels — are waiting to unload at the port of Zhoushan, home to strategic storage facilities and the base of Zhejiang Petroleum & Chemical Co.