China overtakes Germany as Russia’s top crude consumer

Shipping data suggest that China is importing more and more ESPO crude [East Siberian Pacific Ocean blend – Ed.]… In January, China imported nearly 60 percent of all cargoes leaving Kozmino [Russia’s export terminal to Asian markets –Ed.] while teapot refiners in the north of the country have recently begun importing crude via train from Russia,” said the IEA in its Oil Market Report for March.

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