Analysis: China’s teapots crank back to life, aided by cheap Russian oil

SINGAPORE, June 14 (Reuters) – China’s army of small, privately owned oil refiners are raising output on hopes of recovering fuel demand as COVID-19 curbs ease and refining margins swell due to an increasing supply of cheap Russian oil, traders and analysts said.

Higher demand from the world’s largest crude oil importer at a time of tight supply is likely to have far-reaching market consequences, including displacing shipments from West Africa and Brazil as well as boosting Russian earnings even as Europe and the United States impose sanctions for attacking Ukraine.

U.S. to sell up to 45 mln bbls oil from reserve as part of historic release
Gas pipeline Nord Stream 1 to undergo annual summer maintenance - German regulator

Sign up with your email address to receive news and updates.


Leave a Reply