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China Is Snapping Up Russia Oil
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Oil refiners in China have started to snap up Russian crude cargoes after a short hiatus, citing sharply lower prices due to ample unsold supplies.
Chinese private processors, or teapots, purchased several cargoes of Russian ESPO crude for December-January arrival, said traders who asked not to be identified. The shipments traded at wider discounts to global benchmark Brent crude than deals done just weeks ago.
Market observers are keenly monitoring the sale of Russian crudes in the run-up to Dec. 5 when the European Union rolls out new sanctions that will ban the bloc from extending shipping, insurance and banking services to Russian trades. Specifically, traders are interested to know if China and India can continue to purchase Russian crudes, and whether the countries will utilize a proposed price cap or turn to non-EU providers.
In this case, the final price of the cargoes will not be known until a much later date. That’s because the deals are done against the average of Brent’s front-month February contract, which can only be tabulated at the end of December. It’s also unclear if the cargoes will load before or after the Dec. 5 deadline.
Traders, however, said that teapots weren’t too concerned if their cargoes would be hit by EU sanctions or meet the criteria for the cap. That’s because their purchases were being made on a delivered basis, which leaves the responsibility of shipping and insurance with sellers, they said.
It is also believed that the cargoes were bought in Chinese yuan rather than US dollars, and financed through local banks and institutions.
Those still willing to import Russian crude have been trying to assess their risk of running afoul of EU sanctions, and whether they can utilize the cap to gain exemptions. Since Moscow’s invasion of Ukraine in February, most western countries including the US, UK and those in the EU have reduced purchases of Russian oil, prompting a diversion of cargoes to countries such as China, India and Turkey.
Price-cap discussions are still underway as EU members squabble over where to set the cap, although there are indications that the bloc is closing in on a $60-a-barrel figure. Russia, however, earlier said that it won’t sell oil and gas to nations that join the cap.
15 Comments on "China Is Snapping Up Russia Oil"
makati1 on Sat, 3rd Dec 2022 3:14 pm
Rigporn is spouting old news. See my comment in the previous article’s comments.
In my opinion, Russia should cut off ALL trade with the West, including oil and gas and their byproducts. Then destroy what is left of western Ukraine today. Give the EU and the US a real Xmas present in the form of a total loss. By the one year anniversary of the military operation in February, the West would be 3rd world.
BTW: Russia still ships many things, including oily products, to Amerika. Do some research if you don’t believe me.
GOD knowledge on Sat, 3rd Dec 2022 4:34 pm
Where do you think this knowledge is coming from. It is coming from GOD. If we want we can change your facial skin completely and give all of you bloody facial skin cancer. We control all the important part of this reality.
Modifying GOD creation is forbidden and you will get a death sentence by physical torture
https://www.youtube.com/watch?v=URUJD5NEXC8
https://www.youtube.com/watch?v=b1zRtT5eDts
makati1 on Sat, 3rd Dec 2022 4:34 pm
In support of my previous comments…
https://www.zerohedge.com/geopolitical/russia-quietly-amasses-shadow-fleet-tankers-sidestep-western-restrictions
Russia is not some poor, 3rd world country.
peakyeast on Sun, 4th Dec 2022 7:23 am
Also: Russia and kazakhstan (IIRC) delivery like 100% of all uranium to USA. This war is actually against Europe. And Europe itself is doing the damage.
I would say it is a war against the population, but actually I think it is their way to reduce consumption in EU.
Biden's hairplug on Sun, 4th Dec 2022 8:45 am
The European political and media elite has sold its soul completely to the US.
It’s time the European population deals with this fake elite once and for all, 1989-style, and throws the US out of Europe and Eurasia.
makati1 on Sun, 4th Dec 2022 3:41 pm
The US elite cannot have any real competition because they know they would lose, which explains their world wide war on everyone who might expose their megalomania*.
*…a delusional mental illness that is marked by feelings of personal omnipotence and grandeur.
It’s time to end their dominance by any means necessary, including the use of pitchforks and tar (or worse) on their unelected leaders. You know who I am talking about…
supremacist muzzies jerk on Sun, 4th Dec 2022 6:58 pm
fear is central mode of control so why aren’t we amputating elite whitey supertard thunderf00t
when convid started in 3/2020, this elite whitey supertard went on self imposed quarantine and i said it smells
since then there has been no video from him regarding the convid
ask urself if someone like him who speaks high english does he love supremacist muzzies
of course he does
please speak low english.
example of low english from elite whitey supertard trump: muzzie died like a dog
supertards plese change ur undies after 3 weeks
please feel at ease among friends, we’re all lovers of supremacist muzzies here
Theedrich on Tue, 6th Dec 2022 6:07 pm
Peakyeast is correct: this is an anti-Europe war. The U.S. has forced Europe to commit self-murder. The European elites themselves are eagerly jumping at this chance to accept Catharist-virtuous assistance in dying. After all, it is the logical consequence of the nihilist Woke ideology prescribed by the globalist oligarchs and their ignorant pomposity, as adopted by virtually all academic, media, Hollywood, political and other self-important “opinion leaders” in Western suicideland.
Western Civ was nice while it lasted.
𝖁𝖊𝖗𝖎𝖙𝖆𝖘 𝖑𝖎𝖇𝖊𝖗𝖆𝖇𝖎𝖙 𝖛𝖔𝖘.
Dredd on Thu, 8th Dec 2022 11:30 am
In other breaking news Gravitons Are Transforming Themselves Into Thingamajigs
William Tanner on Sat, 24th Dec 2022 1:41 am
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