China purchased three batches of Arctic crude for delivery in January or February, according to Bloomberg. Beijing, however, reportedly got its first cargo as early as November, according to Vortexa. Varandey and Novy Port grades were among China's most recent purchases, according to analysis firm Kpler. Analysts think that Middle Eastern oil grades may be replaced by these sources.
According to Reuters, Moscow has diverted its shipments of Arctic crudes to China and India following the implementation of a price ceiling on Russian oil. The organization also pointed out that the resource's cost had decreased. Bloomberg reports that in December, Russia dispatched six ships filled with different Arco, Novy Port, and Varandey grades to India.
The European Union, the G7 nations, and Australia agreed on a price cap for Russian oil. It became effective on December 5. Vladimir Putin, President of Russia, responded by forbidding the delivery of oil and oil-related items if the contracts specify a price cap.
source: bloomberg.com
According to Reuters, Moscow has diverted its shipments of Arctic crudes to China and India following the implementation of a price ceiling on Russian oil. The organization also pointed out that the resource's cost had decreased. Bloomberg reports that in December, Russia dispatched six ships filled with different Arco, Novy Port, and Varandey grades to India.
The European Union, the G7 nations, and Australia agreed on a price cap for Russian oil. It became effective on December 5. Vladimir Putin, President of Russia, responded by forbidding the delivery of oil and oil-related items if the contracts specify a price cap.
source: bloomberg.com