Latest news with #Richard Jones
Khaleej Times
10 hours ago
- Business
- Khaleej Times
Chinese refiners sweep up Russian oil after Indian demand falls, analysts say
Chinese refineries have purchased 15 cargoes of Russian oil for October and November delivery as Indian demand for Moscow's exports falls away, two analysts and one trader said on Tuesday. India has emerged as the leading buyer of Russian seaborne oil, which has sold at a discount since some Western nations shunned purchases and imposed restrictions on Russian exports over Moscow's 2022 invasion of Ukraine. Indian state refiners paused Russian oil purchases last month, however, as those discounts narrowed. And U.S. President Donald Trump is also threatening to punish countries for buying Russian crude. China had secured 15 Russian Urals cargoes for October–November delivery by the end of last week, said Richard Jones, a Singapore-based crude analyst at Energy Aspects. Each Urals cargo ranges in size from 700,000 to 1 million barrels. Kpler senior analyst Xu Muyu wrote in an August 14 report that China has likely purchased about 13 cargoes of Urals and Varandey crude for October delivery, along with at least two Urals cargoes for November. The additional Russian Urals supply could curb Chinese refiners' appetite for Middle Eastern crude, which is $2 to $3 per barrel more expensive, Xu said. This, in turn, could add further pressure to the Dubai market which is already losing momentum as seasonal demand fades while competition from arbitrage supply intensifies, she added. A trade source agreed with Kpler's estimate, adding that the cargoes were booked mostly at the beginning of this month by Chinese state-owned and independent refineries. China, the world's top oil importer and largest Russian oil buyer, primarily buys ESPO crude exported from the Russian Far East port of Kozmino due to its proximity. Its year-to-date imports of Urals crude stood at 50,000 barrels per day, Kpler data showed. Urals and Varandey crude are typically shipped to India, Kpler data showed. Indian state-refiners have backed out Russian crude imports by approximately 600,000 to 700,000 bpd, according to Energy Aspects' Jones. "We do not expect China to absorb all of the additional Russian volumes, as Urals is not a baseload grade for Chinese majors," he said, referring to Chinese state refineries which are not designed to solely process the Russian grade. Chinese refiners will also be wary about the possibility of U.S. secondary sanctions if Trump's push for a Ukraine peace deal breaks down, he added. Trump said on Friday he did not immediately need to consider retaliatory tariffs on countries such as China for buying Russian oil but might have to "in two or three weeks".
Yahoo
21-07-2025
- Business
- Yahoo
FASB and ASBJ bilateral meeting on global accounting standards
The US Financial Accounting Standards Board (FASB) and the Accounting Standards Board of Japan (ASBJ) have held a thirty-fifth bilateral meeting in Tokyo, Japan. This is part of their cooperative work on the development of 'high-quality global accounting standards,' the bodies said in a joint statement. During the meeting, both boards exchanged updates on their respective activities and engaged in discussions on shared agenda items. The items include the topics of agenda consultation, business combinations, and the treatment of environmental credit programmes upon their common interests. FASB chair Richard Jones said: 'We extend our thanks to Chair Kawanishi and the ASBJ for hosting our 2025 bilateral meeting in Tokyo. Our discussions on standard-setting projects of mutual interest, such as environmental credit programmes, business combinations, and our 2025 agenda consultation project, produced valuable insights on financial reporting improvements. 'The FASB also appreciated the opportunity to participate in the ASBJ roundtable meeting to hear feedback on projects that affect constituents in our respective jurisdictions.' The FASB and ASBJ have scheduled their next meeting for the second half of 2026 in Norwalk, the US. ASBJ chair Yasunobu Kawanishi stated: 'During the bilateral meeting, we had productive discussions on a wide range of topics, including the agenda consultation, business combinations and environmental credit programmes. 'We are also grateful for the FASB representatives' participation in the symposium that was open to the public. We look forward to continuing and further deepening our collaborative relationship with the FASB in the coming years.' In May2025, the FASB issued an Accounting Standards Update (ASU), which amends the requirements for identifying the accounting acquirer in business combinations under FASB Accounting Standards Codification Topic 805. "FASB and ASBJ bilateral meeting on global accounting standards " was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
