Russian oil tankers line up near China as India pulls back
A fleet of tankers laden with Russia's flagship Urals oil expanded off to China's east coast after India-the biggest buyer of the grade-curbed purchases following Western sanctions.
At least five vessels carrying about 3.4 million barrels were idling in the Yellow Sea as of Wednesday, double the volume of last week and the highest level for the grade in the region in more than five years, according to Kpler. The area is close to Shandong province, a hub for independent oil refiners.
The pile-up of Urals off China is a unique situation that's attracted the attention of oil traders worldwide. That's because Chinese refiners aren't typical buyers of the grade loaded at distant western ports, preferring Russian crude from eastern terminals due to the close proximity and diesel-rich quality.
This month, India's imports are expected to be 800,000 barrels a day, according to local officials, dwindling from this year's peak of two million barrels a day in June.
At least five vessels carrying about 3.4 million barrels were idling in the Yellow Sea as of Wednesday, double the volume of last week and the highest level for the grade in the region in more than five years, according to Kpler. The area is close to Shandong province, a hub for independent oil refiners.
The pile-up of Urals off China is a unique situation that's attracted the attention of oil traders worldwide. That's because Chinese refiners aren't typical buyers of the grade loaded at distant western ports, preferring Russian crude from eastern terminals due to the close proximity and diesel-rich quality.
This month, India's imports are expected to be 800,000 barrels a day, according to local officials, dwindling from this year's peak of two million barrels a day in June.
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