an hour agoChina “betrays” Putin, stop buying Russian oil
Periskopi(8 months ago)
(8 months ago)China's leading state oil companies PetroChina, Sinopek, CNOOC and Genhua Oil are suspending Russian oil purchases transported by sea after the United States imposed sanctions on Rosneft and Lukoil, two biggest oil companies in Moscow, sources told Reuters. This action comes as refinerys in India, the buyer me [...]
The move comes as refinerys in India, the biggest Russian oil buyer transported by sea, plan to significantly reduce gross oil imports from Moscow to uphold US sanctions imposed due to Ukraine's invasion of Kremlin and its failure to end fighting in the region, tch broadcast.
The significant decline in oil demand by Russia's two biggest customers would naturally exert pressure on Moscow's revenues from oil and force key importers in the world to seek alternative supply resources, increasing global prices.
China imports about 1.4 million barrels of Russian oil daily from the sea. Vortexa Analytics estimated that Russian oil purchases by Chinese state companies are less than 250,000 barrels a day for the first nine months of 2025, while the consulting company Energy Aspectts estimated it in 500,000 barrels a day. Uniness, the Sinoks trade branch, stopped buying Russian oil last week, sources said, while Rosneft and Lukoil sell much of their oil to China through middlemen, instead of dealing directly with buyers, the businessmen said.
Meanwhile, independent refinerys are expected to temporarily ban purchases to assess the impact of sanctions, but will continue to buy Russian oil, according to some market sources.
It is noteworthy that China also imports about 900,000 barrels of Russian oil daily through the pipeline, which is destined for PetroChina, which, according to some businessmen, is likely to be slightly affected by sanctions. /Periscope/
