China refiners buy more Brazilian, W.African crude as sanctions, tariffs disrupt supply
Chinese refineries that are not exposed to fuel oil import tariffs and reductions in fuel oil consumption tax rebates continue to see healthy margins,” said June Goh, a senior oil analyst at Sparta.
Reuters, February 19, 2025 – Chinese refiners boosted Brazilian and West African crude imports as U.S. sanctions on Russia and Iran, plus new tariffs on U.S. oil, disrupt supply. Vortexa data shows February Brazilian imports hitting 3 million metric tons (800,000 bpd), an eight-month peak, with premiums up 50%. June Goh from Sparta Commodities said refineries with healthy margins are targeting non-sanctioned, Brent-related crudes to leverage the narrow Brent-Dubai spread. Saudi crude to China is set to drop in March amid high prices.
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