February 21, 2023 08:34 GMT
China Doubles Urals Purchases in H1 Feb vs H1 Jan
China has doubled the pace of Russian Urals purchases in the first half of February compared to the same period in January according to Refinitiv.
- About 0.8 million tonnes of Urals oil loading from Russian ports during Feb. 1-15 are heading to China compared to some 0.4 million tonnes of the grade during the same period of January.
- India still remains a leader in Urals oil purchases: about 1.5 million tonnes of Urals oil loading in the first half of February are heading to Indian ports. During the first half of January India received about 1.9 million tonnes of seaborne Urals oil.
- Other seaborne Urals oil cargoes loading in the first half of February are headed to Turkey and Bulgaria.
- Seaborne supplies of Urals crude bound for China in January rose to some 230,000 bpd, the highest pace since June 2022.