In June, only 0.26 million tons of Urals were sent to China from Russian ports, while for the same period in May, shipments reached 0.67 million tons.
In June, sea shipments of Russian Urals oil to China almost halved compared to May, Reuters reports.
The agency, citing experts, reports that the drop in deliveries of Urals to China is due to the fact that independent processors have exhausted import quotas, and the alternative oil, for example, Iranian oil, has become more attractive in price.
“Private refineries during the trading period in June did not yet know what their import quotas were. Because there were no quotas, they waited, and now they can start buying July volumes,” said by Victor Katona, senior oil market analyst at Kpler consulting.
From June 1 to June 19, only 0.26 million tons of Urals were shipped to China from Russian ports, according to data from the ship tracking system of the Eikon terminal, while deliveries reached 0.67 million tons at the same time in May.
In addition to this volume, shipments of Urals grade to China from offshore transshipment on June 1-19 reached 0.3 million tons, compared to 0.42 million tons a month earlier, according to traders and Refinitiv.
However, in July the volume of delivery of the Urals in the direction of China may grow, traders believe.
It was previously reported that Russia’s revenues from oil sales for the year fell by 36%.
Revenues from the oil and gas industry in the Russian budget fell in May
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.