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China’s Teapots Cut Bitumen Blend Imports by 30% in March

OIL

Imports of bitumen blends from China’s independent refineries fell on the month in March, but a recovery is expected in April as Venezuela’s sanction relief is set to expire, Platts said.

  • Around 3.18m bbl, or 0.5m mt, of bitumen blend was imported into China’s teapots, down 29.9% on the month.
  • Bitumen blend volumes are often Venezuelan crudes that were reported as such to customs.
  • China’s Teapots imported 2.21m mt (14m bbl) of Venezuelan crude in Q1, down 51.1% on the year.
  • Venezuela’s Merey crude was being offered at a discount of $10-$12/b vs Brent for DES China, widening from a $8-$9/b discount in March.
  • Teapots have also shown interest in Canadian heavy crudes, with the Trans Mountain Expansion starting May 1.
  • These crudes could be classes as bitumen under certain specifications, but remain more expensive than Venezuelan barrels at a round IC Brent minus $4/b.
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