Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
Russia leapfrogged Saudi Arabia to become China's largest crude oil supplier in 2023, as the top importer of crude oil globally defied Western sanctions to purchase vast quantities of discounted oil for its processing plants. Russia exported a record 107.02 million metric tonnes of crude oil to China last year, equivalent to 2.14 million barrels per day (bpd), the Chinese customs data revealed, far more than other major oil exporters such as Saudi Arabia and Iraq.
Imports from Saudi Arabia, previously China's biggest supplier, dropped 1.8% to 85.96 million tonnes as the Middle East oil giant lost market share to cheaper Russian crude. Shunned by many international buyers following Western sanctions over the Kremlin's 2022 invasion of Ukraine, Russian crude oil traded at crucial discounts to global benchmarks for much of last year amid a Western-imposed price cap.
Speed-up demand from Chinese and Indian refiners for the discounted oil enhanced the price of Russian ESPO crude through 2023, pushing past the Group of Seven's $60 a barrel price cap imposed in December 2022 as alternative shipping and insurance options to circumvent the sanctions proliferated. According to trading sources, ESPO crude shipments for December delivery were priced at a discount of around 50 cents to 20 cents per barrel to the ICE Brent benchmark, versus a $1 premium for October delivery cargoes and a discount of $8.50 for shipments delivered in March.
At the same time, Saudi Arabia raised prices for its signature Arab Light in July, pushing some refiners to look for cheaper cargoes. Saudi Arabia and Russia, two of the world's largest three oil producers, declared output and export cuts last year to support prices. Saudi Arabia is rolling over output cuts of 1 million bpd this quarter, while Russia said it would deepen its reduction in exports this year to 5,00,000 bpd from 3,00,000 bpd.
Also Read : Iron Ore Extends Monthly Losses on China Steel Output Cut Fears Foreign automakers raise exports as China sales remain weak
The Railways have placed an order for ₹957 crore with Jupiter Waggons Ltd, a mobility solutions prov...
Mid Corporate 13-Mar-2024
Arcelor Mittal Nippon Steel Limited (AMNS) and Indian Oil Corporation Limited (IOC) informed the Sup...
Large Corporate 09-Feb-2024
The impending Ground Breaking Ceremony (GBC) on February 19 will mark a watershed event in Uttar Pra...
Announcement 13-Feb-2024
Renowned Hollywood actor Michael Sheen has made headlines for a heartwarming act of generosity. Foll...
Business 10-Mar-2025
India handed over the second tranche of INR/Nu Five billion for the development of infrastructure re...
Business 27-Mar-2024
1️⃣ All steel products will come under mandatory QCOs within a year to improve quality.2️⃣ The move...
Announcement 27-Mar-2025