The biggest buyers in Asia imported a record volume of oil in November as the world’s major importers rushed to stock up on cheaper crude ahead of the EU embargo and the price cap on Russian oil in effect from December 5.
Asia’s biggest buyers are racing to stock up on Russian crude as the EU embargo looms.China and India haven’t joined the price cap bandwagon, signaling that their energy security is at the top of their import policy strategies.
The biggest crude oil buyers in Asia, China and India, haven’t joined the price cap mechanism and have signaled that their energy security and continued ability to import crude from all exporters are at the top of their import policy strategies. Yet, both China and India are now demanding huge discounts for the Russian oil they are willing to buy, Bloomberg oil strategist Julian Lee wrote in a recentCurrently, China and India account for around two-thirds of Russia’s crude oil exports by sea, and the Asian buyers are exercising the negotiating power they have over Russia, Lee notes. If Russia wants to continue selling its oil to its new top customers, it must contend with the deep discounts the two buyers demand. —a $33.
China’s imports from Russia rose to 1.9 million bpd in November from 1.82 million bpd in October and were ahead of deliveries from Saudi Arabia, which stood at 1.72 million bpd last month, the data showed.
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