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Russia Poised to Become Top Chinese Crude Supplier

OIL

Double digit discounts are allowing Russia to claw back market share from Saudi when it comes to the Chinese crude import market.

  • China’s imports from Russia in the 12 months through October came to 85.9 million metric tons, according to customs data released Monday, not much less than the 87.8 million tons shipped from Saudi.
  • China’s independent “teapot” refiners are the key marginal players in the market, with Saudi Aramco’s decision to start selling to them in 2018 helping the kingdom displace Russia as top supplier.

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Double digit discounts are allowing Russia to claw back market share from Saudi when it comes to the Chinese crude import market.

  • China’s imports from Russia in the 12 months through October came to 85.9 million metric tons, according to customs data released Monday, not much less than the 87.8 million tons shipped from Saudi.
  • China’s independent “teapot” refiners are the key marginal players in the market, with Saudi Aramco’s decision to start selling to them in 2018 helping the kingdom displace Russia as top supplier.