Market Chatter: Chinese Oil Companies Scale Back on Russian Oil Purchases to Avert Sanctions Risks

MT Newswires Live03-14

Chinese state oil firms either scaled back their purchases of Russian oil or stopped purchases altogether as they gauge compliance following US sanctions against Moscow, Reuters reported, citing multiple trade sources.

China Petroleum & Chemical or Sinopec (HKG:0386, SHA:600028) and Zhenhua Oil halted their purchases of Russian oil in March due to concerns of sanctions, the report said.

PetroChina (HKG:0857, SHA:601857) purchased seaborne oil in March, albeit at lower levels, the report said.

CNOOC (HKG:0883, SHA:600938) also scaled back on loading for the month, the report said.

The decline in Chinese purchases have eaten into Russia's revenue and put more pressure on Moscow ahead of a ceasefire with Ukraine, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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