May imports will reach almost 2 million barrels per day.
China is steadily increasing oil purchases from Russia at bargain prices, according to data on supplies and data from oil traders who spoke with Reuters < span style = "font-weight: 400;">.
The move by the world's largest oil importer came a month after it first cut supplies from Russia for fear of pretending to openly support Russia in the war against Ukraine and potentially put its state oil giants under secondary sanctions.
Vortexa Analytics estimates that China's offshore Russian oil imports in May will reach almost a record 1.1 million barrels per day, compared to 750,000 barrels per day in the first quarter and 800,000 barrels per day in 2021.
Unipec, the trading division of Asia's largest oil refining company Sinopec Corp, is in charge of procurement, along with Zhenhua Oil, a division of the Chinese defense conglomerate Norinco, the agency said. span>
These firms are filling the gap left by Western buyers after Russia's invasion of Ukraine.
The United States, Britain and some other key oil buyers have banned Russian oil imports shortly after the invasion. The European Union is finalizing another round of sanctions, including a ban on Russian oil purchases . Many European refineries have already stopped buying in Russia for fear of violating sanctions.
The low price of Russian oil – a spot difference of about $ 29 a barrel less than before the invasion – is a boon for Chinese refineries, which are facing declining margins amid a slowdown. China's price is much lower than oil from the Middle East, Africa, Europe and the United States. day pipelines under government agreements. As a result, May imports will reach almost 2 million barrels per day, which is 15% of China's total demand. For Russia, the sale of oil helps mitigate the impact of sanctions on its economy.
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Earlier it was reported that Some European Union countries ready to lift oil embargo on Russia indefinitely due to the principled position of Hungary, which refuses to support sanctions against the aggressor state. The EU believes that this will speed up the implementation of the sixth sanctions package, at least to a limited extent. Will a clause on a full embargo on Russian gas be approved in the next Western sanctions package? Why has Europe become dependent on Russia? About this and more in the article by Mikhail Gonchar “Europe in Russia's energy trap: how to overcome dependence?” .
See the special topic: Russia has damaged and destroyed almost two thousand educational institutions in Ukraine Almost 200 have been completely destroyed. Zelensky will consider a victory to return to February 23 Ukraine has already broken the backbone of one of the world's strongest armies, the president said. Ukraine saw Russia's real preparations for the invasion, “volume and audacity” were unexpected – Zelensky Speaking about warnings from Western intelligence, Zelensky said that ” no one knew the details to the end. ” The agenda of the talks with Putin will depend on the time of their holding – Zelensky The President of Ukraine stated that the conversation between Ukraine and Russia will definitely take place. Zelensky: The war will be bloody in battle, but the ending – “diplomatic” Ukraine wants to return everything, Russia wants not to give everything
