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China state oil majors suspend Russian oil buys due to sanctions: Reuters
Chinese state oil majors paused seaborne Russian crude imports due to new U.S. and UK sanctions, reducing purchases by up to 500,000 barrels per day, analysts said.
- 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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China, India curb Russian oil purchases after Trump sanctions Rosneft, Lukoil
The Asian nations are the world's most prolific purchasers of Russian oil — together accounting for a whopping 85% of Moscow's exports in August, according to the Center for Research on Energy and Clear Air.
·New York, United States
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China's major oil companies temporarily suspended their imports of Russian oil after the new sanctions imposed by the United States on Russian oil.
·France
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Total News Sources50
Leaning Left8Leaning Right8Center12Last UpdatedBias Distribution43% Center
Bias Distribution
- 43% of the sources are Center
43% Center
L 29%
C 43%
R 28%
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