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China Greenlights Refiners To Buy Russian Urals Crude

OIL

Chinese state refiners have received permission from their headquarters to buy Russian crude from trading companies at large discounts that will reduce costs for oil imports and boost refining margins according to Reuters.

  • The green light comes just as demand for transportation fuel is rebounding in China after it ended its zero-COVID policy.
  • PetroChina will receive about 1.5mn barrels of Urals crude later this month at its 200kbpd refinery in Qinzhou, according to trade sources and shiptracking data from Refinitiv and Kpler. The refinery last imported 730,000 barrels of Urals crude in October and November.
  • Unipec is also set to resume imports, although volumes are not clear.
  • March-loading Urals crude is traded at a discount of about $13 against ICE Brent on a delivered ex-ship basis versus a discount of $7 two months ago.
  • China's imports of Urals plunged to 1.45mn barrels in December from a peak of 9.67mn barrels in August, Kpler data showed. Imports rebounded in January and are expected to rise more in the coming months, traders said.
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