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State-owned behemoths like Sinopec and PetroChina Co. have opted for this course of action, according to the agency.
Small independent firms, referred to as "teapots," are likewise avoiding the importation of Russian oil. The report notes that they are concerned about limitations after the recent blacklisting of China's Shandong Yulong Petrochemical Co. by the UK and EU.
According to Bloomberg, the sanctions have also impacted premium ESPO crude, causing its price to drop significantly. Estimates from the consulting firm Rystad Energy AS suggest that the decline in purchases impacted around 400,000 barrels daily—about 45% of China's overall oil imports from Russia.
China is the biggest importer of crude oil globally. The agency observes that constraints on oil exports from Russia will probably advantage other providers, including the United States. Yet, for Russia, the sanctions represent more than just losses: for instance, after facing a ban, Shandong Yulong Petrochemical Co. turned to Russian oil due to a lack of alternatives.
source: bloomberg.com
Small independent firms, referred to as "teapots," are likewise avoiding the importation of Russian oil. The report notes that they are concerned about limitations after the recent blacklisting of China's Shandong Yulong Petrochemical Co. by the UK and EU.
According to Bloomberg, the sanctions have also impacted premium ESPO crude, causing its price to drop significantly. Estimates from the consulting firm Rystad Energy AS suggest that the decline in purchases impacted around 400,000 barrels daily—about 45% of China's overall oil imports from Russia.
China is the biggest importer of crude oil globally. The agency observes that constraints on oil exports from Russia will probably advantage other providers, including the United States. Yet, for Russia, the sanctions represent more than just losses: for instance, after facing a ban, Shandong Yulong Petrochemical Co. turned to Russian oil due to a lack of alternatives.
source: bloomberg.com