Chinese refiners will not buy Russian oil for May delivery, sources said
In China, state-owned refineries Sinopec, CNOOC, PetroChina and Sinochem are avoiding new deals to buy cheap Russian oil due to Beijing’s call to be cautious in relation to tightening Western sanctions against Russia. This was reported by Reuters, citing sources on Wednesday, April 6th.
“State-owned businesses are wary because their actions can be considered actions of the Chinese government, and none of them wants to be identified as a consumer of Russian oil,” spokesmen said. agency.
It was noted that these refineries did not buy Russian oil shipments for delivery in May, even at a discount, and one of Unipec’s plants was ordered to look for a replacement for Russian oil.
For its part, Sinopec faces payment problems even on previously negotiated deals as state-owned banks seek to reduce funding for Russia’s oil deals.
Today Russia’s share is 15% of China’s oil imports. Half of these volumes are supplied by pipelines, half by tankers.
Recall that in March Russia’s oil exports dropped by a quarter. Russia has struggled to sell its oil following the U.S. embargo and tacit boycott in response to the war in Ukraine. According to media reports, today approximately 70% of Russia’s oil supplied for export finds consumers struggling.
It was also reported that in March Russia lost $ 3.6 billion in oil and gas revenues.
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Source: korrespondent
