China is ramping up Russian oil imports and Beijing could greenlight even more volumes
Chinese state-run refiners have been increasing purchases of Russian oil, and it signals that imports could ramp up further once Beijing gives the greenlight, according to a note from Energy Aspects.
"Majors had been waiting on the sidelines to increase imports of Russian crude beyond ESPO given no clear instruction from the government," strategists wrote, referring to a grade of Russian oil typically consumed in Asia."Incremental growth in demand for Russian crude will mean we will now have to reassess our assumptions for Russian production shut-ins."
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