{"id":9186,"date":"2025-04-24T16:18:27","date_gmt":"2025-04-24T13:18:27","guid":{"rendered":""},"modified":"2025-04-24T16:18:27","modified_gmt":"2025-04-24T13:18:27","slug":"major-refineries-in-china-and-turkiye-restart-buying-russian-oil","status":"publish","type":"post","link":"https:\/\/harici.com.tr\/en\/major-refineries-in-china-and-turkiye-restart-buying-russian-oil\/","title":{"rendered":"Major refineries in China and T\u00fcrkiye restart buying Russian oil"},"content":{"rendered":"<p data-spacing=\"double\">Russian oil falling below the $60 per barrel price cap and the absence of new restrictive measures from the US have somewhat eased concerns among major buyers wary of US sanctions.<\/p>\n<p data-spacing=\"double\">According to a <em>Reuters<\/em> report citing industry sources, state-owned Sinopec, China&#8217;s and generally Asia&#8217;s largest oil refinery, has resumed imports after a pause in March to assess sanction risks.<\/p>\n<p data-spacing=\"double\">Sources stated that Unipec, the Chinese company&#8217;s trading arm, signed contracts for ESPO grade oil to be shipped in May.<\/p>\n<p data-spacing=\"double\">Shipments were suspended in March following a threat by US President Donald Trump to impose tariffs on buyers of Russian oil.<\/p>\n<p data-spacing=\"double\">T\u00fcpra\u015f, meanwhile, placed an order for Ural grade oil last week. T\u00fcpra\u015f had halted purchases due to concerns about violating sanctions imposed by the Joe Biden administration on January 10.<\/p>\n<p data-spacing=\"double\">However, in April, global oil prices fell due to the trade war initiated by Trump: the price of Brent crude oil dropped below $60 per barrel.<\/p>\n<p data-spacing=\"double\">The price of Ural crude oil had fallen below $50, and although quotas were later increased, Russia&#8217;s main oil grade was still trading below $60.<\/p>\n<p data-spacing=\"double\"><em>Reuters<\/em> sources explained that purchases made below the price cap set by Western countries allowed T\u00fcpra\u015f to carry out barrel imports from Russia without concern.<\/p>\n<p data-spacing=\"double\">Sinopec, however, is not paying much attention to the price: ESPO crude oil is more expensive and has almost never sold for less than $60 per barrel throughout the price cap, which has been in effect for over two years.<\/p>\n<p data-spacing=\"double\">Traders note that the cargoes purchased by the Chinese for loading in May were sold at a $2 premium to the Brent price.<\/p>\n<p data-spacing=\"double\">Brent crude was trading below $67 on Wednesday, but had traded at lower prices in previous days.<\/p>\n<p data-spacing=\"double\">Sources said that Unipec has so far signed contracts for far fewer cargoes than those purchased before Biden&#8217;s January sanctions.<\/p>\n<p data-spacing=\"double\">India has also started increasing shipments, which it had reduced in February-March.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Russian oil falling below the $60 per barrel price cap and the absence of new restrictive measures from the US have somewhat eased concerns among major buyers wary of US sanctions. According to a Reuters report citing industry sources, state-owned Sinopec, China&#8217;s and generally Asia&#8217;s largest oil refinery, has resumed imports after a pause in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9187,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[175],"tags":[9476,529,7308,9309,9474,9479,1092,9477,9473,9470,9478,861,9469,9471,787,9472,409,9480,9475,682],"class_list":["post-9186","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-diplomacy","tag-brent-crude","tag-china","tag-crude-oil","tag-energy-market","tag-espo-crude","tag-global-oil-prices","tag-india","tag-oil-imports","tag-oil-purchases","tag-oil-refineries","tag-oil-shipments","tag-price-cap","tag-russian-oil","tag-sinopec","tag-trade-war","tag-tupras","tag-turkiye","tag-unipec","tag-ural-crude","tag-us-sanctions"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.7 - 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