China refiners grab Russian oil as Trump menaces flows to India
Remove Ads
Tired of too many ads?
Remove Ads
Oil refiners in China have stepped up purchases of Russia's flagship crude, seizing an opportunity to take discounted cargoes relinquished by India as Washington ramps up trade tariffs against New Delhi.While China is the largest importer of Russian oil , it tends to take deliveries from the nation's Far East. Yet so far in August, shipments of Urals — which loads from Baltic and Black Sea ports — were almost 75,000 barrels a day. That's almost double the year-to-date average of about 40,000 barrels, according to Kpler. In contrast, exports to India sunk to no more than 400,000 barrels a day this month, compared with the average of 1.18 million.'Generally, Chinese refineries are in a comfortable position to keep taking Russian oil for now, in contrast to Indian refiners,' said Jianan Sun, an analyst at Energy Aspects Ltd. Urals — which ships from Russia's west — remains competitive against alternative grades from the Middle East, Sun said.The global oil market is focused on shifts in global flows as US President Donald Trump steps up a diplomatic push to try and broker an end to the war in Ukraine. As part of that drive, Washington has doubled a levy on all Indian imports to punish the nation for taking Russian crude, although it hasn't yet followed through with a comparable measure against China amid a trade truce with Beijing. The Asian nations are the top buyers of Moscow's oil.The differing approaches — which have presented Chinese refiners with a buying opportunity — have been on display in recent days. Last Friday, Trump said he would hold off on raising tariffs on Chinese goods over the country's purchases of Russian oil, citing progress with Russian President Vladimir Putin toward ending the war. Meanwhile, White House trade adviser Peter Navarro has described India's buying as 'opportunistic and deeply corrosive,' while also acknowledging that the US can't go further on China without hurting itself.'One thing is certain: Trump will not do things which he knows he cannot achieve,' said Mukesh Sahdev, head of commodity markets at Rystad Energy A/S. 'Putting pressure on India, he has certainly achieved and he can make an impact, but putting pressure on China? Probably not.'Refiners in China, Asia's largest economy, have likely purchased 10 to 15 cargoes of Urals for October and November delivery so far, more than their usual intake, according to Kpler and Energy Aspects.'I won't be surprised to see more November-delivered cargoes to be bought by the Chinese in the coming days' if Urals prices remained attractive, said Muyu Xu, senior crude analyst at Kpler.The grade was most recently offered at $1 a barrel premium over Dated Brent, with no further discounts seen, following elevated interest from Chinese refiners, according to traders in the market who asked not to be identified.At present, at least two tankers carrying Urals — each with capacity of 1 million barrels — are waiting off China's coast, with more expected in coming weeks, according to tracking data compiled by Bloomberg. The vessels — Georgy Maslov and Zenith — are idling near Zhoushan. That's the base for Zhejiang Petroleum & Chemical Co., and also close to strategic storage tanks.Indian processors remain on the sidelines, although they have been receiving and considering offers for Urals, the traders said.Excess Russian barrels 'have to be removed, and those barrels can only be removed by China into storage,' said Sahdev. 'Without China buying, the Russian crude may start discounting more to get new buyers.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
8 minutes ago
- Mint
Junior Bankers Win Up to 30% Pay Hikes in Hong Kong Deals Boom
(Bloomberg) -- Citic Securities Ltd. and other Chinese brokers are raising pay levels again for junior bankers in Hong Kong to boost retention and handle a jump in dealmaking, according to people familiar with the moves. China's biggest broker is raising pay at its Hong Kong CLSA unit, giving 15% to 30% bumps to about HK$75,000 ($9,600) to HK$80,000 a month to select junior associates, the people said, asking not to be identified because they aren't authorized to discuss compensation. The raises don't apply across the board, one of the people said. Pay is now back at 2022 levels, but still below what first- to third-year associates earned in 2021, when deal activity hit multi-decade highs, one of the people said. China Merchants Bank Co.'s Hong Kong arm, CMB International, has also lifted pay to similar levels for juniors, while a number of other firms are considering raises to follow suit amid rising competition for talent, according to people familiar with the matter. The increases and planned bumps mark a stark turnaround after pay was lowered over the past few years and bonuses and perks were gutted, especially on the mainland, amid a political shift to rein in private enterprise. Bankers in particular were singled out by the ruling Communist Party as leading 'hedonistic' lifestyles, leading firms to also take a cautious approach in Hong Kong. Now dealmaking is flourishing in Hong Kong, mainly driven by the listing of mainland Chinese companies, triggering moves between brokers and demand for bankers. Stock markets are also staging a comeback on the Chinese mainland, even as the property market remains in crisis and the economy has struggled to revive. A Hong Kong-based spokeswoman at Citic declined to comment. CMBI wasn't immediately able to comment. Since late 2022, investment banks and brokerages have made multiple rounds of staff cuts as dealmaking dried up, China's economy faltered on deflation and property woes, and Beijing tightened oversight of the private sector. That has turned around over the past 12 months. Hong Kong saw a net increase of some 1,200 licensed financial professionals, driving the total number to almost 42,500 by the end of June, according to Securities and Futures Commission data compiled by Bloomberg. Citic Securities (Hong Kong), along with CLSA, led the growth in licensed financiers versus a year ago with about 300 additions. CMBI and Huatai Financial Holdings (Hong Kong) Ltd. also added about 70 individuals each, according to SFC data. --With assistance from Jinshan Hong. More stories like this are available on
Hindustan Times
39 minutes ago
- Hindustan Times
UGC proposes papers on leaders, thinkers
New Delhi UGC proposes papers on leaders, thinkers The University Grants Commission (UGC) released draft model curricula for undergraduate Political Science courses that include a core or compulsory course on 'Tradition of Political Thinking in Bharat', a discipline-specific elective on 'Rajadharma Tradition in India', and general electives on Vinayak Damodar Savarkar, Deen Dayal Upadhyaya, BR Ambedkar, Mahatma Gandhi, Basaveshwar and Thiruvalluvar. UGC secretary Manish Joshi said in a notice on Wednesday that the body has developed draft Learning Outcomes based Curriculum Framework (LOCF) for nine subjects so far. These include anthropology, chemistry, commerce, economics, geography, home science, mathematics, physical education and political science. 'The draft LOCF will serve as a model curriculum to promote flexibility and innovation in programme design and syllabi development,' Joshi added, requesting stakeholders feedback on the draft LOCFs on or before September 20. LOCFs of different subjects will serve as guiding documents for universities and colleges for their curriculum revision in line with National Education Policy (NEP) 2020. Under LOCF, every discipline contains three categories of courses of study: Discipline Specific Core (DSCs), Discipline Specific Electives (DSEs) and Generic Electives (GEs). DSC courses are compulsory credits within a student's chosen discipline, DSEs are optional credits within the same or related disciplines, and GEs are courses outside the core discipline that provide multidisciplinary or interdisciplinary exposure. UGC's draft LOCF for political science proposes 20 four-credit DSC courses, including 'Tradition of Political Thinking in Bharat', which introduces students to Vedic traditions, Jain and Buddhist literature, political ideas in the Upanishads, Ramayana, Mahabharata, and Thirukkural, as well as the works of Bhasa, Kalidasa, and Kalhana. Other DSC courses cover themes such as India's independence movement, the Constitution, public policy, and the Panchayati Raj system. Among the 15 four-credit DSE courses is 'Rajadharma Tradition in India', designed to help students understand Rajadharma in the Vedas, examine its treatment in the Manusmriti and Shukraneeti, and evaluate its depiction in texts like the Ayodhyakanda of the Ramayana, the Shantiparva of the Mahabharata, and Kautilya's Arthashastra. Additional DSE offerings include papers on political leadership, Indian administration, global politics, and perspectives on democracy. There are 18 GE papers of four-credits each proposed including six separate papers on various Indian leaders and reformers and a paper on women freedom fighters of India that analyse the contributions of women warriors and rulers in medieval Indian history. The paper on Ambedkar examines his ideas beyond caste, covering economy, class, religion, gender, culture, politics, democracy, law, and constitutionalism, and their relevance to contemporary society. The paper on Gandhi introduces his life, philosophy, and methods, focusing on non-violence, justice, and socio-political engagement. The paper on Savarkar studies his 'revolutionary journey', socio-political thoughts, and role in the freedom movement and Hindutva, fostering critical engagement with nationalism and social reform. The paper on Upadhyaya explores his philosophy of Integral Humanism and contributions to India's political, social, and economic thought. The paper on Lingayat social reformer Basaveshwara examines his life, philosophy, and contributions to social justice, equality, and Lingayatism. The paper on philosopher Thiruvalluvar studies the Tamil text Thirukkural and its teachings on virtue, wealth, ethics, and governance, highlighting their contemporary relevance. Harish S Wankhede, assistant professor at centre for political studies in Jawaharlal Nehru University (JNU), said, 'Universities are increasingly being turned into sites of ideological battles, where the BJP is trying to promote its own heroes and certain historic events into the curriculum to challenge the secular-patriotic credentials of nation. Unlike the long consultative process through which figures like Ambedkar entered academic syllabi, this appears to be an agenda-driven addition aimed to legitimise and establish Hindutva ideologues as national icons.' Rajesh Jha, professor at Delhi University's Rajdhani College, said, 'Presently, the right of teachers to frame the syllabi of different subjects have been taken away and imposition is done by UGC. The syllabi should not be used for the narrative building.'
The Hindu
39 minutes ago
- The Hindu
ISF MLA Nawsad Siddique gets bail a day after arrest over protest against SIR in Kolkata
Kolkata Indian Secular Front legislator Nawsad Siddique and other party workers have been granted bail on Thursday (August 21, 2025), a day after they were arrested by Kolkata Police during a protest against the Special Intensive Revision (SIR). Mr. Siddique and 94 others were produced at court on Thursday. They were arrested during a protest at the Esplanade area in central Kolkata on Wednesday. Mr Siddique is the lone MLA from ISF and was leading the demonstrations on Wednesday when tensions rose and led to clashes between ISF workers and the Kolkata Police. 'These protests will continue. This is a fight of the people, this is just the beginning. They cannot permanently keep us in jail. For how long will they keep us in jail?' Mr. Siddique said on Thursday morning before being taken to court. Huge protests erupted outside the Bankshall Court in Kolkata organised by ISF workers on Thursday. They demanded that their leader and other party workers detained during the protests on Wednesday be released immediately. Hundreds of protesters were waving the Indian flag outside the city court amid heavy police presence. Kolkata Police Deputy Commissioner (Central) Indira Mukherjee was also present at the Bankshall Court along with other officials. Mr. Siddique and the others were arrested on multiple accounts, and several non-bailable sections were levied on the 95 persons. The cases were registered at Hare Street Police Station and Bowbazar Police Station. A non-bailable Section 132 of the Bharatiya Nyaya Sanhita (BNS) was also brought against the ISF leader, which deals with the assault of a public servant during duty. They were also charged under the Prevention of Damage to Public Property Act. All the accused were released on a bond of ₹500 by the court. After his release, Mr. Siddique received a hero's welcome from his supporters waiting outside the court premises. On Wednesday, the ISF MLA from Bhangar constituency and his fellow party workers were protesting against Special Intensive Revision (SIR) of voter lists, the harassment of Bengali migrant labourers in Bharatiya Janta Party-ruled States across the country, and the WAQF Amendment Act among other issues. While being detained, Mr. Siddique, from a police van, said that they were not allowed to hold rightful protests when their own brothers are being harassed.
