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China May Pull in Record Crude Volumes March

OIL

Crude imports into China are showing a preliminary gain in March, led by Russian barrels according to Vortexa.

  • China’s seaborne crude imports from Russia may surpass 1.4mbd in March based on vessels on the water as well as projections - exceeding the previous record of 1.3mbd seen in June 2020.
  • Shandong independent refiners also increased purchases of Russian-origin fuel oil, including barrels stored on floaters offshore Singapore to mask the country of origin.
  • Total high sulphur fuel oil imports into China are estimated at 400 kbd in February, nearly double the levels seen last year, and the momentum is expected to continue.

source: Vortexa

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