China is importing a wider variety of Russian crudes, including the lesser-known Arco grade, just as the nation doubles down on purchases.
Buyers snapped up three cargoes of crude from the Arctic including the highly sulphurous and dense Arco variety for arrival this month or in February, according to Vortexa, with data showing the first China-bound flows in November. Traders said the purchases may displace Middle Eastern barrels, such as Iraq’s Basrah Heavy.
Another data and analytics firm Kpler said China’s latest round of purchases included a lighter variety known as Novy Port as well as Varandey crude., Vienna-based lead crude oil analyst at Kpler. “Russia’s Arctic grades were among the Europe-oriented streams that since 5 December have to find new homes elsewhere, and in all of those cases it’s pretty much an India and China split.”
Beijing’s friendly relations with Moscow have boosted its role as a key importer of Russian oil since the outbreak of the Ukraine war just as the European Union, UK and US turn away. The unusual purchases of Arctic crude come after China’s daily crude and condensate flows hit the second-highest on record last month, according to Kpler.
Arco is pumped from the Prirazlomnoye field in the Arctic, and it is among three grades shipped out of Murmansk, along with Varandey and Novy Port. Six vessels that loaded cargoes from Murmansk last month were headed to India, another big buyer of Russian barrels amid the Ukraine war, Bloomberg tracking data show. Varandey has become a popular grade for Indian users.around 112 million tons of crude import quotas to refiners and traders in its latest allocation for this year.
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