Fleet of Russian oil tankers idle off Chinese coast after India curbs purchase

A fleet of tankers laden with Russia’s flagship Urals oil has expanded off China’s east coast after India — the biggest buyer of the grade — curbed purchases following Western sanctions. At least five vessels carrying about 3.4 million barrels were idling in the Yellow Sea, double the volume of last week and the highest level for the grade in that region in more than five years, according to Kpler. The area is close to Shandong province, a hub for independent oil refiners. The pile-up of Urals off China is a unique situation that’s attracted the attention of oil traders worldwide. That’s because Chinese refiners aren’t typical buyers of the grade loaded at distant western ports, preferring Russian crude from eastern terminals due to the proximity and diesel-rich quality, as per a report.

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