Russian Oil Is Reaching More Corners of China’s Refining Sector

Firms registered in Beijing, Shandong, Heilongjiang take more Crude from Russia was $17 a barrel cheaper than Saudi’s in May

Russian Oil Is Reaching More Corners of China’s Refining Sector
Source: Bloomberg

Cheap Russian oil is finding its way into more corners of China’s refining industry, with buyers from coastal and inland regions snapping up cargoes that the US and Europe can’t touch.

Chinese companies registered in nine administration regions across the nation imported a record quantity of Russian crude last month, customs data show. Shipments also reached the most number of entities since January 2020, suggesting they are finding new customers in Asia’s largest refining market.

Asian buyers have been the main beneficiaries of the conflict in Europe, with China and India taking a record amount of Russian crude after the US, UK and European Union rolled out sanctions against Moscow over its invasion of Ukraine. Efforts to starve Putin’s administration from lucrative oil revenues have upended global flows, prompting a scramble for alternatives that has freed up Russian supplies for willing buyers across the region.

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About Stu Turley 2062 Articles
Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience in implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor in this space. Stuart has led the “Total Corporate Digital Integration” platform at Sandstone and works with Sandstone clients to help integrate all aspects of modern digital business. He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage and is the Co-Host of the energy news video and Podcast Energy News Beat. Stuart is on Board Member of ASN Productions, DI Communities Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.