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China’s Purchases of Key Russian Oil Could Be Lowest Since 2021
China’s independent oil processors are on track to take the lowest volume of Russian ESPO crude in over three years as refining profits shrink and other grades are offered at cheaper prices. Refiners have purchased about 12 million barrels of ESPO for June arrival so far this month, which is poised to be the lowest since May 2021, according to data compiled by Kpler. However, the trading cycle is still open for around another week in Asia and that volume could increase. China’s independent refiners, which are mainly based in Shandong province and are known as teapots, have been grappling with lower refining ... (full story)