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China Buys 2mn Bbl Cargo from Johan Sverdrup - First in 3-Months

OIL

China’s Unipec has bought a 2mn bbl cargo of crude from Equinor’s Johan Sverdrup according to Bloomberg reports.

  • That’s the first VLCC of Johan Sverdrup to Asia since 2m bbl of the Norwegian grade for January loading was shipped.
  • The cargo is expected to arrive late May.
  • China’s strong appetite for crude imports post lockdown is pulling in barrels from further afield – causing VLCC rates to surge as the fleet ends up tied up on longer journeys.

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