China is unlikely to absorb all Russian barrels, that India refuses.
Russian oil supply through Urals with a deadline for arrival in October is offered to Chinese customers at a reduced price, entrepreneurs reported that the details of the negotiations. Both state and private refineries of Chinese oil study the possibility of buying these cargoes. She is writing about it Bloomberg On Friday, August 8.
Although China is the largest Russian oil import of both sea and land vehicles, local refinery usually gives preference to espo, made in east of Russia. Urals oil, sent from ports in the west of the country, is rarely included in the regular purchase of Chinese processors due to geographic distance and high transportation costs.
The United States doubled the duties of imports from India for the purchase of Russian oil by India companies. The forced state of India’s refinery to suspend purchases and search for alternative delivery, which released part of the number of Urals, which can now be sent to China.
However, against the background of trading voltages between Washington and Beijing, it remains uncertain whether China can pay for the reduction of acquisition of India. U.S. Minister of Finance Scott Immentine said states can also introduce roles against China in response to Russia’s energy purchase.
Today the Urals are offering Chinese customers with a discount of nearly $ 1.50 per barrel in London Brent, which is less than $ 2.50 last week.
The analyst of energy aspects Jianan Sun in his note on August 7 is noted that although India significantly reduces Russian oil areas, some Chinese refinery has bought some Urals’ cargo for delivery of October. At the same time, China is unlikely to absorb all volumes released after India.
He also added that the Urals are not a major brand for Chinese state refineries, which is why interest in strategic accumulation is limited. In addition, due to trade negotiations between the United States and China, state-owned companies will take care of additional Russian oil purchases.
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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.