China has reaped savings this year of nearly $10 billion through record purchases of oil from countries under Western sanctions, according to Reuters' calculations based on data from traders and shiptrackers.
An unintended consequence of sanctions imposed by the United States and others on Russia, Iran and Venezuela has been to lower the oil import costs for refiners in top economic rival China, which often criticizes such "unilateral" penalties.
China shipped in a record 2.765 million barrels per day of crude by sea from Iran, Russia and Venezuela in the first nine months of 2023, according to an average of data provided by tanker trackers Vortexa and Kpler. The seaborne imports are mainly ESPO shipped from Russia's Pacific port of Kozmino as well as Urals from the Baltic Sea.
China has saved roughly $4.2 billion by importing a record 1 million bpd during the same period from Iran, 60% above pre-sanction peaks recorded by Chinese customs in 2017 at 623,000 bpd, as Tehran raised output to near-maximum levels and offered discounts as steep as $17 a barrel versus Brent.With January-September inflows of Venezuelan oil at around 430,000 bpd, according to the average of the Vortexa and Kpler data, China's savings from buying Venezuelan oil was $1.17 billion.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Truist in talks to sell insurance business for $10 billion - SemaforTruist in talks to sell insurance business for $10 billion - Semafor
Read more »
Truist Financial’s stock up on report of $10 billion unit sale to Stone PointTruist’s stock leads gainers among the stocks in the S&P 500 after losing about a third of its value year to date
Read more »
Tether's 40% surge on exchanges to $10 billion hints at bullish momentumTether (USDT), the largest stablecoin by market cap, has witnessed a significant surge in its exchange reserves. Santiment, a prominent crypto data pr
Read more »
Amazon Has 30,000+ Fall Leggings on Sale — and the Best Deals Start at $10Amazon marked down popular fall leggings for Prime Big Deal Days 2023, including flare leggings and fleece-lined leggings. Shoppers can score Amazon deals on leggings for up to 58 percent off from brands like Spanx, Adidas, and Amazon Essentials during October Prime Day, which ends October 11
Read more »
Shoppers Are Replacing Foundation With This $10 Primer That 'Blurs and Perfects' SkinShop these six on-sale primers from brands including L’Oréal Paris, Glo Skin Beauty, Milk Makeup, and Jane Iredale during Amazon’s October Prime Day, aka Prime Big Deal Days.
Read more »
Lordstown Founder And Ex-CEO Buys Firm’s Remaining Assets For $10 MillionSteve Burns left Lordstown Motors after inflating order numbers in 2021 but has just purchased its remaining assets
Read more »