Source link : https://london-news.net/chinese-refiners-reduce-russian-oil-purchases-in-response-to-new-u-s-sanctions/
Chinese oil refiners are reducing their imports of Russian crude following the recent announcement of new U.S. sanctions aimed at major oil companies Rosneft and Lukoil, as reported by Bloomberg on Monday.
State-owned corporations Sinopec and PetroChina have already canceled some deliveries of Russian oil, according to information from traders cited by Bloomberg.
Additionally, smaller private refineries are taking similar actions, worried about the potential for sanctions like those imposed on Shandong Yulong Petrochemical, which was recently added to the sanctions list by the UK and the European Union.
This reluctance to buy has impacted nearly 45% of Russia’s crude oil exports to China, based on estimates from Rystad Energy mentioned in Bloomberg’s report.
The consequences have been particularly pronounced for the ESPO crude blend, which is Russia’s primary export product to Asia.
Prices for ESPO have sharply declined as sellers reduce their offers to attract buyers, with current discounts around $0.50 per barrel compared to Brent, whereas there was a $1 premium at the beginning of October.
Several Indian refiners have halted imports of Russian oil in light of the new sanctions. Nonetheless, Indian Oil Corp, the largest refiner in the country, has started to procure Urals crude from suppliers not directly affected by the latest U.S. regulations.
Moreover, the sanctions have reportedly disrupted the flow of Russian oil to Turkey. The country’s largest refinery,…
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Publish date : 2025-11-03 14:14:00
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