CHINA is increasing imports of Russian oil with barrels flowing into onshore storage as the Covid crisis clouds the nation's demand outlook, reports Bloomberg.
Twenty of the 21 oil cargoes that have been loaded at the port of Kozmino are heading for China.
Flows over April and May are expected to be 20 per cent higher than normal.
china has been a willing consumer of Russian oil as most other buyers shun its exports because of the war in Ukraine.
'China's seaborne crude imports from Russia's Far East are picking up strongly,' said Vortexa analyst Emma Li.
'That's after Eastern Siberia Pacific Ocean (ESPO), a favorite spot grade among Chinese refiners, fell into deep discounts compared with other sweet barrels and as other regular buyers pulled back from purchases.'
Thirty-three cargoes of ESPO are scheduled to be exported from Kozmino and Ms Li expects the remaining shipments to flow to China.
In April, 27 of 32 ESPO seaborne cargoes went to China, compared with 24 of 31 in March and 20 out of 26 in February.
The volume of ESPO arriving in China over April and May is estimated at 900,000 barrels a day.
SeaNews Turkey
Twenty of the 21 oil cargoes that have been loaded at the port of Kozmino are heading for China.
Flows over April and May are expected to be 20 per cent higher than normal.
china has been a willing consumer of Russian oil as most other buyers shun its exports because of the war in Ukraine.
'China's seaborne crude imports from Russia's Far East are picking up strongly,' said Vortexa analyst Emma Li.
'That's after Eastern Siberia Pacific Ocean (ESPO), a favorite spot grade among Chinese refiners, fell into deep discounts compared with other sweet barrels and as other regular buyers pulled back from purchases.'
Thirty-three cargoes of ESPO are scheduled to be exported from Kozmino and Ms Li expects the remaining shipments to flow to China.
In April, 27 of 32 ESPO seaborne cargoes went to China, compared with 24 of 31 in March and 20 out of 26 in February.
The volume of ESPO arriving in China over April and May is estimated at 900,000 barrels a day.
SeaNews Turkey