Latest news with #VortexaLtd
Bloomberg
24-04-2025
- Business
- Bloomberg
Russia Fuel Exports Tick Up as Naphtha Cushions Diesel Slide
Russian oil product exports edged higher this month as a boost in naphtha sales helped offset a decline in diesel flows. Refined fuel exports climbed to 2.24 million barrels a day through April 20, according to data compiled by Bloomberg from analytics firm Vortexa Ltd. That's largely unchanged from March volumes, but is about 13% higher than a year ago.
Russia Today
17-04-2025
- Business
- Russia Today
China replacing US oil with Canadian
China has been importing record amounts of crude oil from Canada and drastically reducing supplies from the US in light of the trade war with Washington, Bloomberg reported on Wednesday. Washington and Beijing have implemented a series of reciprocal tariff hikes over the past two months in light of which the latter has slashed purchases of US oil by roughly 90%, according to the outlet. China previously indicated that it would not implement more tariff hikes against US goods but would rather employ alternative ways to retaliate. Chinese crude imports from a port near Vancouver on Canada's Pacific coast soared to a record 7.3 million barrels in March and may exceed the figure this month, Bloomberg reported, citing data from London-based global oil and gas cargo tracking firm Vortexa Ltd. Chinese imports of US oil, meanwhile, have fallen to 3 million barrels per month from a peak of 29 million last June, it added. READ MORE: 'Stop blackmailing' – China to US China's direct imports of Canadian crude oil had historically been minimal, primarily due to infrastructure constraints. Chinese refineries have mainly sourced crude from the Middle East and Russia. Roughly 1.7% of China's total crude imports came from the US last year, according to Chinese customs data, down from 2.5% in 2023. Nearly all of Canada's oil is shipped to the US to be processed there or re-exported to Asia. However, the completion last May of the Trans Mountain Expansion pipeline, which takes crude to Canada's Pacific coast, provided the country with an alternative route to export more volumes directly, primarily to Asia, thus reducing its reliance on the US. READ MORE: Here's why Trump really wants to get his hands on Greenland and Canada 'Given the trade war, it's unlikely for China to import more US oil,' Bloomberg quoted Wenran Jiang, president of the Canada-China Energy & Environment Forum, as saying. 'They are not going to bank on Russian alone or Middle Eastern alone. Anything from Canada will be welcome news.' China accounted for roughly 5% of US crude oil exports last year, according to ship-tracking data from Kpler. Russia remains China's largest supplier of crude oil. Russian shipments to China reached the highest level on record in 2024. The increase in recent years is largely attributable to the discounts being offered on Russian crude. China's imports of oil from Saudi Arabia, its second-largest supplier, declined by 9% year-on-year in 2024.
Bloomberg
18-03-2025
- Business
- Bloomberg
Turkey Shifts Away From Russian Crude as Tupras Buys From Brazil
Turkey is showing signs of diversifying its crude supplies — including importing Brazilian oil — after its largest refiner moved to restrict purchases of Russian barrels in the wake of sweeping US sanctions. Of the roughly 650,000 barrels a day of crude that Turkey imported so far this month, just 19% is from Russia, according to data compiled by Bloomberg from analytics firm Vortexa Ltd. That's down from a share of more than 50% for the whole of last year.
Bloomberg
05-03-2025
- Business
- Bloomberg
Russian Fuel Flows Surge to 1-Year High Despite Refinery Attacks
Russian oil products exports remain resilient with volumes climbing last month to the highest in a year, despite repeated drone strikes against the country's refining operations. Seaborne exports jumped to 2.5 million barrels a day in February, according to data compiled by Bloomberg from analytics firm Vortexa Ltd. Observed volumes rose from previous estimates as a rush of shipments late in the month fueled an overall 7% gain from January levels. That lifted average monthly exports to a one-year high.
