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Simon Ferrie
22 March 2022
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Asian refiners’ mixed response to Ukraine conflict

Chinese refiners are yet to buy more Russian crude, while other nations in Asia may help fill Europe’s shortfall in diesel supply, according to energy intelligence firm Vortexa

There is further potential upside for crude prices, says David Wench, chief economist at energy intelligence firm Vortexa, citing a global pattern of low stocks, stagnant supply and solid demand. But the risk of recession—and with it, weaker demand—remains. Seaborne crude liftings have slowed to around 47mn bl/d, down from 50mn bl/d pre-Covid, according to Wench. And it is hard to see new barrels entering the market in the next few months, he says, adding that the UAE and Saudi Arabia could raise output in the short term but that scenario is unlikely. In the medium term, the USA, Iran and possibly Canada could also increase supply. Vortexa currently sees more than 1mn bl of Russian-loading c

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Also in this section
Chinese gas demand set to rebound
3 February 2023
The Asian giant’s LNG imports slumped last year but look likely to recover in 2023
Oil trading’s biggest bust – MG: Enter Arthur Benson
3 February 2023
Kevin O’Reilly continues his three-part account of the hobbling of a German industrial giant with the arrival of the story’s central figure
Oil trading’s biggest bust – MG: What started to go wrong?
2 February 2023
Kevin O’Reilly, with 27 years commodity trading experience, dives into one of the most compelling tales of how not to hedge your risks in the first of a three-part series
Chinese energy demand gets back on track
2 February 2023
The signs point towards a comeback in 2023, but uncertainty around Covid remains a factor

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