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Thursday, December 7, 2023

Asian buyers begin to increase imports of Russian Arctic oil

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India and China began to actively buy rare degrees of Arctic oil from Russia. Columnist Natalya Dembinskaya writes in an article for RIA Novosti that such a policy of the largest Asian consumers could lead to a reduction in purchases of this fuel from Middle Eastern suppliers and an increase in Moscow’s additional profit.

According to Vortexa and Kpler, China recently purchased three rare oil shipments from the Arctic. The delivery included the lighter Novy Port, the raw Varandey and the high sulfur and dense Arco. At the same time, the second variety was previously sold mainly to England and the Netherlands. But after Arctic oil has been rerouted towards Asia, Europeans don’t have to rely on it.

The change in flows was confirmed by Victor Katona, Kpler’s leading crude oil analyst. In addition, traders note that Russia also offers discounts on rare varieties.

Source: Riafan

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