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Changing Source of Crude Flows to China

OIL

Imports of Russian crude oil to China are increasing but the supplies are replacing imports from some other countries which are declining. Daily exports from Angola to China are down 27% so far in February compared to the whole month last year according to Kpler. Flows from Venezuela, Nigeria and the UK are also down.

  • These nations mostly sell crude in the spot market which can easily be switched for the cheaper Russian supplies. Shipments from Saudi Arabia are mostly on long-term contracts and supplies are relatively unchanged.


Source: Bloomberg

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