China Daily Oil Summary: Beijing to Host Russian Delegation

A Russian delegation led by Deputy PM Alexander Novak will visit Beijing from Dec. 12-16 to participate in the 20th meeting of the Russian Chinese intergovernmental commission on energy cooperation, according to TASS.

• Chinese independent refineries’ crude imports increment in Jan 2024 are likely to be limited as demand has softened and delivered prices rise, sources told Platts.
• Buying of Russian ESPO – a favourite among the teapots -- has slowed in Dec. DES Shandong trades from Dec. 4-10 were trending towards at flat vs ICE Brent Futures from initially a 20 cent/b premium, sources said.
• POLICY: China banks will continue to suffer narrower interest margin in 2024 as loan interest rates remain low, while funding costs stay high, and room exists for deposit rates to reduce further, according to Bank of China in its quarterly Economic and Financial Outlook report.
• YUAN: The currency strengthened to 7.1744 against the dollar from 7.1770 on Monday.
• A bipartisan report by the US House Select Committee on the Chinese Communist Part recommended stripping China of the low tariffs the United States granted it two decades ago, among other actions, according to the New York Times.