CHINA-RUSSIA: CHINESE PURCHASES OF RUSSIAN CRUDE AND PETROLEUM PRODUCTS ARE 86,000 BARRELS A DAY HIGHER THIS MONTH THAN AVERAGE OF LAST YEAR
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The Financial Times (May 5) reported that “China’s purchases of Russian crude and petroleum
products are about 86,000 barrels a day higher this month than they were on average last year"
according to Kpler, a commodity data analytics firm. It added that China’s independent refiners
have been discreetly buying Russian oil at steep discounts as western countries suspend their
own purchases and explore potential embargoes because of the war in Ukraine. An official at
a Shandong-based independent refinery said it had not publicly reported deals with Russian oil
suppliers since the Ukraine war started in order to avoid attracting scrutiny and being hit by
US sanctions. The official added that the refinery had taken over some of the purchase quota
for Russian crude from state-owned commodity trading firms, which are seen to represent
Beijing and have mostly declined to sign new supply contracts
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