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China Snaps Up Russia’s Far East Oil Even as Covid Saps Demand

  • Twenty of 21 crude cargoes heading for Chinese ports: Vortexa
  • Some barrels may be stored due to virus impact, Braemar says
A total of 33 cargoes of ESPO are scheduled to be exported from Kozmino this month.

A total of 33 cargoes of ESPO are scheduled to be exported from Kozmino this month.

Source: Andrey Rudakov

By

China is boosting imports of Russian ESPO crude from the Far East, with some barrels possibly flowing into onshore storage as a Covid-19 resurgence clouds the nation’s demand outlook.

Twenty of the 21 oil cargoes that have been loaded at the port of Kozmino so far this month are heading for China, according to shipping analytics company Vortexa Ltd. Flows over April and May are expected to be 20% higher than normal, according to estimates from Braemar ACM Shipbroking Pte Ltd.