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China Daily Oil Summary: Sanctioned Russian Tanker Headed to China

OIL

The Russian tanker Liteyny Prospect, hit by sanctions, has docked in the Chinese port of Huanghua to unload 0.7m bbl of Sokol crude, sources told Reuters.

  • Imports of feedstocks into independent refineries in Shandong province and Tianjin city rose by 30% on the month to 10.02m mt in Feb, OilChem said.
  • Chinese crude oil tanker bookings from the Persian Gulf have increase in recent days according to Bloomberg. At least 10 VLCCs were provisionally booked from the Persian Gulf to China in the first three day so this week compared to fewer bookings in the whole of last week.
  • Chinese crude oil imports in January and February increased by 5.1% on the year to 88.31mn tons, or 10.74mbpd, General Administration of Customs data showed, supported by strong demand for travelling during the Lunar New Year Holiday.
  • Authorities should prioritise ensuring CPI levels reach about 2% this year to guide social expectations and increase consumption and investment, according to Zhang Bin, NPC member and senior researcher at the China Finance Forum 40.
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