Russia oil trade with China, India stalls as sanctions drive up costs

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Russia oil trade with China, India stalls as sanctions drive up costs - Business Standard

Quick Summary:

US sanctions and a ban imposed early this month by China's Shandong Port Group will see refineries in Shandong province losing up to 1 million barrels per day of crude supply in the near term, consultancy FGE said.

In India, Bharat Petroleum Corp Ltd's finance chief told Reuters last week that it has not received any new offers for March delivery, as it would ordinarily have, and expects the number of cargoes offered for March to drop from January and December.

For India, FGE said the country faces disruptions in 450,000 bpd of Russian crude supply, but refiners are taking advantage of the wind-down period.