Russian exports of discounted crude and fuel oil to China have jumped to record levels as the re-opening of the world’s biggest energy importer gathers pace after the dismantling of Covid Zero.
Overall flows last month were at the highest at any point since the invasion of Ukraine a year ago and surpassed a record set in April 2020, according to data intelligence firm Kpler. Exports of fuel oil surged to an all-time high.
Russia’s overall crude and fuel oil exports to China reached 1.66 million barrels a day last month, according to Kpler data as of February 20. That’s more than the previous record set in April 2020 when the Asian nation was emerging from its initial virus restrictions. Crude and condensate flows rose to 1.52 million barrels a day, just short of a record set almost three years ago.
Offers for Russian Urals and ESPO crude were pegged at a discount of $13 and $8 a barrel, respectively, to Brent on a delivered basis, according to traders. That’s much cheaper than similar West African grades, which were priced at near parity or a premium to Brent. Ship-tracking data indicates that more oil could flow to China from Russia’s western ports of Primorsk and Novorossiysk, where grades including Urals are loaded. The uptick can be partly attributed to state-run refiners speeding up purchases, according to people with knowledge of the matter.
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