China Finds Workarounds to Continue Imports of Russian Oil.
Privately-managed Chinese ports are accepting sanctioned tankers carrying Russian oil while a non-sanctioned vessel has recently discharged crude that was transferred on it from three smaller ships sanctioned by the U.S. in January.
The continued arrival of Russian oil highlights the lengths at which some private refiners and ports in China are going to continue buying the cheaper crude from Russia.
Chinese refiners, especially the independent firms in Shandong, have worked to reshuffle crude flows for Russian oil after the initial shock from the U.S. sanctions.
A massive reshuffle of tankers allows non-sanctioned vessels to pick up trade with Russian and Iranian oil, which will result in a rebound in China’s imports of cheaper crude from the two producers in March, from a two-year low in February.
Source: OILPRICE
