2022-05-27 12:20:00
RUSSIAN OIL FOR CHINA UP ANEW
BLOOMBERG - 27, MAY, 2022 - China’s oil trading giant Unipec has significantly increased the number of hired tankers to ship a key crude from eastern Russia.
China International United Petroleum & Chemical Co., better known as Unipec, has chartered at least 10 tankers so far this month to transport Russian ESPO crude that’s loaded from Kozmino port, according to traders and a shipbroker. That would be a fivefold increase on the number of vessels booked for the trade a month earlier, data from shipping analytics firm Vortexa show.
The hired vessels are mostly smaller aframax ships as well as two much larger supertankers, including the Yuan Qiu Hu, which was recently involved in a rare ship-to-ship transfer of ESPO off South Korea. The Russian grade can usually be transported to China on a direct, five-day journey, although its unclear if all the vessels booked by Unipec will deliver their cargoes to Chinese ports.
A Beijing-based spokesman for Sinopec, the parent of Unipec, said they didn’t have information that could be publicly disclosed on the matter.
China has emerged as a willing buyer of Russian oil as others shun the OPEC+ producer’s energy due to the war in Ukraine. While a resurgence of Covid-19 has sapped Chinese demand, Russian barrels are typically being sold at a discount, making them very attractive to some major consumers.
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Earlier:
2022, May, 25, 11:35:00
STRENGTHENING THE RUSSIAN FINANCIAL SYSTEM
The Russian economy ministry forecasts an average Urals price of $80.10/b in 2022.
2022, May, 23, 13:15:00
RUSSIAN OIL DISCOUNTS
The discounted Russian Urals had helped to boost refining margins and operation rates for independent refineries.
2022, May, 20, 12:05:00
RUSSIAN OIL FOR CHINA UP
China's seaborne Russian oil imports will jump to a near-record 1.1 million barrels per day (bpd) in May, up from 750,000 bpd in the first quarter and 800,000 bpd in 2021,
2022, May, 19, 13:40:00
RUSSIAN OIL PRODUCTION UPDOWN
After a fall of 1 million b/d in April, Russian oil production has risen by 200,000-300,000 b/d in May and will continue to increase next month.
2022, May, 11, 11:15:00
CHINA NEED RUSSIAN OIL
Thus, after the slump in March inflows, Russian crude imports by China's independent refiners recovered 35.7% year on year to 2 million mt in April
2022, April, 22, 11:30:00
RUSSIA OIL EXPORTS UNCHANGED
Combined, Russia's seaborne crude and key oil products exports stood at 6.79 million b/d so far in April, down 640,000 b/d from 7.43 million b/d in February,
2022, April, 7, 14:20:00
RUSSIAN OIL PRODUCTS FOR CHINA, KAZAKHSTAN
Fuel oil represented the bulk of the exports to China, with 394,200 mt exported, 43.6% higher on the month. Diesel exports recorded similar growth of 39.5% to 343,100 mt. Bitumen and residue amounted to 18,700 mt, marking a 34.9% increase on February. Overall, 756,900 mt of oil products headed to China last month.
