Major Chinese State Oil Companies Suspend Purchases of Russian Crude After U.S. Sanctions
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China’s largest state-owned oil companies have suspended purchases of Russian seaborne crude following new U.S. sanctions against Rosneft and Lukoil, Orda.kz reports, citing Reuters.
The volume of Russian oil bought by Chinese state firms is estimated at 250,000 to 500,000 barrels per day, according to the outlet's industry sources.
The sources claim that Sinopec, CNOOC, and Zhenhua Oil plan to refrain from trading Russian seaborne crude — at least in the short term.
China imports about 1.4 million barrels per day of Russian oil by sea.
Most of it is purchased by independent refineries, including smaller operators. Traders told Reuters that Rosneft and Lukoil sell most of their crude to China through intermediaries, not directly to end buyers.
Independent refiners are also expected to temporarily pause purchases to assess the potential impact of the new U.S. sanctions.
News has also surfaced that India is reviewing contracts for Russian oil imports following new U.S. sanctions against energy giants Rosneft and Lukoil.
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