Russian exports of discounted crude and fuel oil to China have jumped to record levels as the re\u002Dopening of the world’s biggest energy importer gathers pace…
Overall flows last month were at the highest at any point since the invasion of Ukraine a year ago and surpassed a record set in April 2020, according to data intelligence firm Kpler. Exports of fuel oil surged to an all-time high.Sign up to receive daily headline news from the Calgary SUN, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
The uptick in Chinese buying is evidence the country’s economic recovery is picking up, which should help to buoy global oil prices. The International Energy Agency last week cited China for a boost in its demand forecasts, while OPEC producer Iran is tipping Brent to rise above $100 a barrel this year.
China has dominated buying of ESPO, a grade that can be shipped quickly from Russia’s Far East, since late-2022. Private refiners have been key consumers, but traders are watching for demand from state-owned refiners such as China Petroleum & Chemical Corp., or Sinopec, as well as CNOOC Ltd.
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