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Lower July Crude Volumes of Russian ESPO to Sinopec

OIL

Vortexa data suggests Sinopec has taken 20mbbls of ESPO crude in the last couple of months, but July volumes are expected to be lower than May and June.

  • Sinopec reportedly bid for July cargoes at similar levels to previous months with a 20$/bbl discount to Dubai crude but were outbid by other buyers. Other buyers include state owned Chinese companies and India companies with discounts reported to be between 8$/bbl and 13$/bbl to Dubia.
  • Russia is expected to increase ESPO exports from Kozmino to a record of 880kbpd in July from an average of 750kbpd in 2022.
  • Historically China’s independent refiners have purchased nearly all the ESPO cargoes.
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Vortexa data suggests Sinopec has taken 20mbbls of ESPO crude in the last couple of months, but July volumes are expected to be lower than May and June.

  • Sinopec reportedly bid for July cargoes at similar levels to previous months with a 20$/bbl discount to Dubai crude but were outbid by other buyers. Other buyers include state owned Chinese companies and India companies with discounts reported to be between 8$/bbl and 13$/bbl to Dubia.
  • Russia is expected to increase ESPO exports from Kozmino to a record of 880kbpd in July from an average of 750kbpd in 2022.
  • Historically China’s independent refiners have purchased nearly all the ESPO cargoes.