China’s Top Refiners Beat Independents To Cheap Russian Oil Supply ...Middle East

The largest state-owned and private refiners in China are beating the smaller independent processors in the race to procure discounted crude from Russia, leaving the so-called teapots having to increasingly rely on Iran’s cheap oil, Reuters reported on Friday, citing vessel-tracking data and trading sources. Right after the EU and G7 embargo and price cap on Russian crude oil came into effect from December 5, 2022, the state-controlled Chinese refiners were hesitant to buy Russian cargoes, unsure of how the sanctions and price caps would…

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