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CNOOC Sending Russian ESPO Crude into New Dongying Reserve

OIL

China’s CNOOC has in recent months been sending shipments of Russian ESPO crude into a new reserve base according to Reuters.

  • The stockpiling of over 10mbbls of Russian ESPO is the first at CNOOC's new 31.5mbbl Dongying reserve base, according to Vortexa.
  • It is unclear if the reserves were part of CNOOC's commercial stock build or for China's strategic petroleum reserve.
  • About 29mbbls of ESPO blend were discharged between November and March into Dongying port of which 19mbbls was sold to independent refiners.
  • China has increased ESPO imports since November with the crude imports reaching a record 28.7mbbls in March, according to Kpler data. The high imports have supported ESPO blend prices despite tepid demand from independent Chinese refiners.
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