US EditionChina state oil majors suspend Russian oil buys due to sanctions: Reuters
- On Thursday, Chinese national oil companies PetroChina, Sinopec, CNOOC and Zhenhua Oil suspended seaborne Russian crude purchases, Reuters and Investing.com reported.
- After new U.S. and British sanctions targeting Rosneft, Lukoil and shadow-fleet linked entities, buyers stepped back, and India is expected to scale back imports to comply with U.S. measures.
- Trade figures show pipeline flows of 900,000 bpd to PetroChina while sea shipments total about 1.4 million barrels per day, with state-company seaborne purchases between under 250,000 and 500,000 bpd.
- A sharp drop in demand from China and India will strain Moscow's oil revenues, and importers are likely to seek supplies from the Middle East, Africa and Latin America, pushing prices higher in the coming weeks.
- Independent refiners known as 'teapots' may pause then resume buying after seeking workarounds, while Rosneft and Lukoil sell most oil through intermediaries, complicating sanction enforcement.
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Rome, 24 Oct - The temporary blockade of Russian oil purchases by Chinese state companies marks a new chapter in the global energy competition. After the sanctions imposed by Washington against the Russian giants Rosneft and Lukoil, Beijing announced the suspension of some imports of crude oil transported by sea, citing the reasons for compliance with the new international measures. Behind this diplomatic formula there is a clear political messa…
US President Donald Trump has imposed new sanctions on Russian oil. In response, both India and China are planning to limit their purchases of Russian oil. Meanwhile, China has discovered a significant amount of shale oil, which is considered crucial to its energy security.
India, China to scale back oil purchases from Russia at Trump's request? White House gives an update
The White House claims India is reducing Russian oil buys at President Trump's urging, a move also reportedly seen with China. Trump is reportedly frustrated by the Ukraine war's duration. However, India denies any such agreement, prioritizing its consumers. The US has sanctioned Russian oil firms, seeking a ceasefire from Moscow.
India Scaled Back On Russian Oil Purchases On Trump's Request: White House
United States President Donald Trump has been "increasingly frustrated" with the lack of progress on putting an end to the Russia-Ukraine war, White House Press Secretary Karoline Leavitt said on Thursday (local time) during a press briefing here.
US claims India, like China, scaling back Russian oil imports at Trump's request
White House Press Secretary Karoline Leavitt said President Trump was "increasingly frustrated" by the lack of progress toward ending the Russia-Ukraine war and expressed confidence that the latest round of sanctions on Russian oil firms would deal a blow to Moscow’s economy.
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