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Russian ESPO crude heading for China

OIL

China taken 20 of 21 oil cargoes from far east port of Kozmino this month according to Vortexa.

  • April and May flows are expected to be 20% higher than normal despite covid causing demand uncertainty according to Braemar ACM Shipbroking. 32 of the 33 cargoes due this month are expected to go to China compared to 20 of 26 back in Feb.
  • China is in discussions with Russia regarding plans to replenish their strategic oil reserves.

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