Tankers With Russian Oil Shunned by India Pile Up Off China

e(lr)ev}{p8ickx{9}ofpec{_media_dl_1.png KplerArticle content(Bloomberg) — Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentFollow Bloomberg India on WhatsApp for exclusive content and analysis on what billionaires, businesses and markets are doing. Sign up here.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentA growing number of ships laden with Russia’s Urals oil are piling up off China, in the hope that independent refiners there will take the crude as Indian demand ebbs due to US sanctions. Article contentAt least five vessels carrying about 3.4 million barrels were idling in the Yellow Sea as of Wednesday, double the volume of last week and the highest level for the grade in that region in more than five years, according to data intelligence firm Kpler. The tankers are near Shandong province, where most of China’s private refiners are located. Article contentArticle contentThe pile-up of Urals off China is a unique situation that global oil traders are closely watching. Most of Russia’s exports of the grade, which is loaded from ports in the west of the country, usually goes to India. Chinese refiners aren’t typical buyers, as they prefer crude from the Russian Far East, which is more diesel-rich and also a lot closer to them.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentIncreased US scrutiny of Russia-to-India oil flows, as well as sanctions on major producers Rosneft PJSC and Lukoil PJSC, have in recent weeks prompted sellers of Urals to seek out other willing takers across East Asia. India’s imports of Russian oil will drop to 800,000 barrels a day this month, according to local officials, compared with a peak of 2 million barrels a day in June.Article contentThere are “sizable volumes of Urals looking for a home” as Indian buyers such as Reliance Industries Ltd. stay on the sidelines, said Muyu Xu, a senior crude analyst at Kpler. Russian sellers have slashed Urals prices to China to levels even lower than Iranian oil, which is drawing strong interest from refiners in Shandong, she said. Article contentAt this stage, it’s not clear if the cargoes of Urals amassed off China have been sold, or whether they’re still being marketed. Tankers can make the long journey from Russia’s west without first securing a buyer. China is the obvious alternative destination for the crude, but Indonesia, where land storage is available, is another potential market. Article contentArticle contentOn the WireArticle contentSoybeans and wheat futures touched their lowest levels in nearly eight weeks as traders continued to gauge buying by China, with the Asian nation purchasing more beans but canceling a shipment of wheat.Article contentChina’s top diplomat expressed support for Venezuela on Wednesday, criticizing one-sided coercion hours after President Donald Trump ordered a blockade of oil tankers to ratchet up pressure on the South American nation.Article contentChina Vanke Co. is meeting Thursday with holders of a bond it’s trying to delay paying, with only four days until a grace period ends that could trigger a once-unthinkable default. Article contentThis Week’s DiaryArticle content(All times Beijing)Article contentThursday, Dec. 18:Article contentChina’s 2nd batch of November trade data Grains, sugar, cotton, palm oil, pork & beef importsOil-product imports & exports breakdown; LNG & pipeline gas importsBauxite, steel and aluminum imports; rare-earth product, alumina and copper exportsChina solar association CPIA’s annual conference, Xi’an city, day 2Article contentFriday, Dec. 19:Article contentMysteel’s annual steel market summit in Shanghai, day 1China weekly iron ore port stockpilesShanghai exchange weekly commodities inventory, ~15:30Article contentSaturday, Dec. 20:Article contentChina’s 3rd batch of Nov. trade data, including country breakdowns for energy and commoditiesMysteel’s annual steel market summit in Shanghai, day 2Article contentSunday, Dec 21:Article contentMysteel’s annual steel market summit in Shanghai, day 3Article contentTrending Trump Official Signals Support for Trade Deal With Canada, Mexico PMN Business Is a $2.75 million portfolio enough for Halifax empty nesters to retire early?

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Trump Official Signals Support for Trade Deal With Canada, Mexico PMN Business Is a $2.75 million portfolio enough for Halifax empty nesters to retire early?

Personal Finance World watches as Ottawa's bullish shift on LNG puts wind at the back of two major projects Oil & Gas Tricolor's Excel Guy Failed to Fix All Numbers in Alleged Fraud PMN Business Expect 'dramatically higher' oil prices in 2026, says Eric Nuttall Oil & Gas