Chinese state-controlled petroleum firms have halted acquisitions of Russian crude oil after US penalties.
Subsequent to their Indian counterparts, Chinese government-backed oil enterprises have ceased acquiring Russian petroleum in light of the recent restrictions.
This information is reported by Reuters, referencing insider accounts.
According to trade contacts speaking to Reuters, China’s top state-run petroleum enterprises have ceased buying Russian crude in the aftermath of fresh American penalties levied against Rosneft and Lukoil. PetroChina, Sinopec, CNOOC, and Zhenhua Oil have also opted to forego new agreements, at least for the near future.
This situation may potentially impact as much as a third of Russian maritime oil exports destined for China (potentially reaching 500,000 barrels each day).
Insiders speaking to the news outlet suggested that independent refining entities are probable to cease acquisitions to gauge the repercussions of the sanctions, “however, they will still endeavor to proceed with obtaining Russian petroleum.”
