Russia Loses Lead in China as Sanctions Snarl Cargoes and Kazakhstan Reroutes Oil

Overview

• Ukrainian intelligence says Russia fell from China’s top supplier in November as Saudi Arabia, Oman and Angola took the lead, with Russian oil exports dropping to 14 million tonnes and 123 tankers departing ports.
• China’s intake of Russian crude declined 11% between October 23 and November 21 following U.S. and EU measures against Rosneft and Lukoil, cutting Russia’s share of Chinese imports from 14.7% to 11.2%.
• Kazakhstan is set to send about 50,000 tonnes from Kashagan directly to China via the Atasu–Alashankou pipeline after damage at the CPC terminal, with roughly 30,000 tonnes from CNPC and 20,000 from Inpex reported by Reuters.
• A Rosneft-linked cargo of roughly 700,000 barrels reached Chinese waters on the tanker Fortis after an 11‑week route involving ship‑to‑ship transfer off India and a stop near South Korea, with discharge still unclear.
• Bloomberg reports Russian seaborne shipments averaged 3.68 million barrels a day in the four weeks to December 7 as oil stuck “on the water” hit a 2.5‑year high and Urals and ESPO prices slid to war‑era lows with a $25.80 per barrel Urals discount to North Sea Dated.