Posted on 05/20/2022 11:02:20 AM PDT by RomanSoldier19
SINGAPORE, May 20 (Reuters) - China is quietly ramping up purchases of oil from Russia at bargain prices, according to shipping data and oil traders who spoke to Reuters, filling the vacuum left by Western buyers backing away from business with Russia after its invasion of Ukraine in February.
The move by the world's biggest oil importer comes a month after it initially cut back on Russian supplies, for fear of appearing to openly support Moscow and potentially expose its state oil giants to sanctions. read more
China's seaborne Russian oil imports will jump to a near-record 1.1 million barrels per day (bpd) in May, up from 750,000 bpd in the first quarter and 800,000 bpd in 2021, according to an estimate by Vortexa Analytics.
Unipec, the trading arm of Asia's top refiner Sinopec Corp (600028.SS), , is leading the purchases, along with Zhenhua Oil, a unit of China's defense conglomerate Norinco, according to shipping data, a shipbroker report seen by Reuters and five traders. Livna Shipping Ltd, a Hong Kong-registered firm, has also recently emerged as a major shipper of Russian oil into China, the traders said.
Sinopec declined comment. Zhenhua and Livna did not respond to requests for comment.
The firms are filling the hole left by western buyers after Russia's invasion of Ukraine, which Russia calls a "special military operation."
(Excerpt) Read more at reuters.com ...
The US neocons have had a decades-long project to push Russia into the arms of China.
sheer stupidity.
The Chinese Communist Party is building up THEIR oil reserve, while we continue to squander ours and keep it buried and unprocessed in the ground.
Let’s go, Brandon. Get the hell out of the Oval Office.
Maybe Ukrainian saboteurs should take out the ESPO pipeline system.
Indian refineries buy 25-30 mln barrels of Russian oil with delivery in May-June - IEA (5/12/22)
https://freerepublic.com/focus/f-news/4062767/posts
Russia’s Gas Revenue May Top $100Bln as Moscow Wins ‘First Round’ Of ‘Energy Battle’ - French Media (5/20/22)
https://freerepublic.com/focus/f-news/4064867/posts
Italy exposed for buying FOUR times more oil from Russia since start of Ukraine war (5/20/22)
https://freerepublic.com/focus/f-news/4064844/posts
Sounds like Brandon is colluding with Russia and China.
Maybe the globalist psychopaths running a proxy war against Russia out of Ukraine using the Ukrainian people as human shields should be taken out.
:pet peeve: I hate the word “quietly” in headlines like that.
We pushed Iraq into Iran.
My eggplants are stacked in the garage.
“The US neocons have had a decades-long project to push Russia into the arms of China.”
They have also managed to push Saudi Arabia, Turkey and India into the arms of Russia.
This is how great powers become formerly great powers—stupid leadership.
But But China is dead ass broke like Russia. Xi has brain damage just like Vlad. It’s got to be true. Because, Sun Tzu.
“Low price”.
Compared to pre-Biden prices?
Russia, Russia, Russia...
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