• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 14 hours Reality catching up with EV forecasts
  • 8 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 3 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 8 days A Somewhat Realistic View of the Near Future for Electric Vehicles Worldwide
  • 14 days The Federal Reserve and Money...Aspects which are not widely known

Breaking News:

EU Supports $100 Russian Diesel Price Cap

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

Why Chinese Refiners Are Importing Less Russian Crude

  • Reuters: only about five to seven December loading EPSO Blend cargoes have been sold to Chinese users—in stark contrast to the usual 30 per month.
  • China and India making the top buyers list for Russian crude.
  • Reuters: Chinese refiners are slowing down Russian crude purchases for December delivery.

The anticipated shift of Russian crude oil flows, skewing toward Asia, is well underway ahead of the December 5 oil embargo, according to Bloomberg.

Before Russia’s invasion of Ukraine, less than 40% of Russia’s crude oil made its way toward the prized Asian market. But today, nearly 70% of Russia’s oil is destined for Asia—with China and India making the top buyers list.

Total crude oil from Russia fell to a three-week low of 2.9 million bpd for the week ending November 11. But Russian crude oil headed to China, India, and Turkey—along with Russian crude cargo that haven’t yet announced a destination—have increased to a new record of 2.39 million bpd during that week.


But Chinese refiners, according to Reuters, appear to be slowing their Russian crude oil purchases for December loadings, and China is paying lower premiums as the EU sanctions that go into effect on December 5 approachings, along with the specter of the G7 price cap that is also supposed to go into effect on that date.

According to Reuters, this slowdown in Russian crude oil flows is causing crude to build on, pressuring crude prices, since China and India have become such a large part of Russia’s exports since the invasion.


In fact, traders told Reuters that only about five to seven December loading EPSO Blend cargoes have been sold to Chinese users—in stark contrast to the usual 30 per month.

China’s refiners were paying about $1.70-$1.90 per barrel above ICE Brent on DES basis—down from $2.70 two weeks ago, although traders told Reuters that “everything is under the radar now,” making it difficult to get the details of these deals.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News