China’s State Refiners Buy More Russian Oil, Energy Aspects Says
- Demand from Chinese oil majors to lift flows from OPEC+ seller
- Imports may rise even more if nation replenishes stockpiles
An oil refinery in Shanghai.
Photographer: Johannes Eisele/AFP/Getty Images
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China’s state-owned oil majors have stepped up Russian imports in a sign that Beijing is ready to give the go-ahead for more purchases of the country’s crude, according to industry consultants Energy Aspects.
PetroChina Co. and CNOOC Ltd. recently resumed imports of waterborne Russian oil, with at least three supertankers of Urals-grade crude signaling China as a destination, EA analysts wrote in a note, without saying where they got the information. China Petroleum & Chemical Corp., or Sinopec, may also increase its intake of the flagship Urals in the coming months, the analysts said.