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2023-02-22 11:40:00

RUSSIAN OIL FOR CHINA RISE

RUSSIAN OIL FOR CHINA RISE

BLOOMBERG - Feb 22, 2023 - As China scoops up more and more discounted Russian oil, producers in Africa and South America are losing out.

Angola is among the hardest hit at the moment, with daily exports to China falling 27% so far this month compared with whole of February last year, according to data and analytics firm Kpler. Flows from Venezuela, Nigeria and the UK are also down.

The common denominator among the losers is that they sell more of their crude via one-off sales in the spot market, making it easy for buyers to switch to other grades to take advantage of fluctuating prices. Shipments from Saudi Arabia, by contrast, which relies mainly on long-term contracts, have held up, the Kpler figures show.

“It’s the spot purchases that feel the damage first,” said Viktor Katona, lead crude analyst at Kpler. Exports from West Africa are most likely to be displaced by more of the Russian Urals grade heading to China, but Brazil may start to be affected more, he said.

Chinese imports from Oman and the United Arab Emirates — producers that mainly sell via long-term contracts — were also up year-on-year, according to the data.

Still, cargoes from Angola and Brazil are likely to find new buyers in Europe as they shun Russian exports, Katona said. Varieties from those two producers will probably be in strong demand, partly due to their high diesel-yielding qualities, he said.

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Earlier:

RUSSIAN OIL FOR CHINA RISE
2023, February, 17, 11:00:00
ЦЕНА URALS: $50.51
Средняя цена на нефть Urals за период мониторинга с 15 января по 14 февраля 2023 года составила $50,51 за баррель, или $368,7 за тонну.
RUSSIAN OIL FOR CHINA RISE
2023, February, 10, 12:45:00
RUSSIAN OIL CUTTING 0.5 MBD
Moscow’s move deepens the 2 million barrel-a-day production cut announced late last year by OPEC+, which Russia leads along with Saudi Arabia.
RUSSIAN OIL FOR CHINA RISE
2023, February, 3, 11:25:00
ЦЕНА URALS: $49.48
Средняя цена на нефть марки Urals в январе 2023 года сложилась в размере $49,48 за баррель, что в 1,7 раз ниже, чем в январе 2022 года ($85,64 за баррель).
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2023, January, 16, 12:55:00
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2022, December, 21, 12:00:00
RUSSIAN LNG FOR CHINA UP
Russian sales of LNG doubled from a year earlier to 852,000 tons in November, despite a 5.4% decline in China’s total purchases of the super-chilled fuel, according to Chinese customs data.
RUSSIAN OIL FOR CHINA RISE
2022, November, 21, 11:20:00
RUSSIAN ENERGY FOR CHINA $60 BLN
Oil imports from Russia rose 16% to 7.72 million tons last month, a volume topped only by Saudi Arabia, according to Chinese customs data.
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2022, October, 25, 14:35:00
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Coking coal imports from Russia jumped to 2.5 million tons in September, from about 900,000 tons in the same month last year and 1.9 million tons in August, according to Chinese customs data.
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Tags: RUSSIA, CHINA, OIL, IMPORTS, EXPORTS