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Saudi Arabia substitutes for Russian crude suppliers on the Chinese market
 Local independent refiners are trying to enhance diversification. 31.Jul.16 11:57 PM By Alesya Davydova Photo Toinnov.com |
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Russian crude suppliers lost their top position on the Chinese market though they had been holding it for three months in a row. Platts.com explains that local independent refiners are willing to switch to new grades to enhance diversification. While Russia suffers a crisis on the Chinese oil market, Saudi Arabia was able to win back the top spot among crude suppliers. Evidently Chinese refiners are gradually reducing their dependence on Russian crudes. Market sources suppose that the local independent refiners are now open to lifting heavier grades instead of limiting themselves to mainly lighter grades from Russia. The scope of imported Russian crude was decreasing for two month from May: although in July the amount of Russian supplies were 480,000 mt and got 33% up from recorded las month it is still far below the 1.2 million mt in May. The proportion of Russian grades in the total crude volume also dropped from 21% in May to 8% in June. | |
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