OIL: China Crude Imports Recover Driven by Shandong Deliveries: Vortexa

China’s seaborne crude imports rebounded in February, recovering from January’s low as cargo discharges into Shandong resumed, according to Vortexa. 

• Total seaborne crude imports rose 7% m/m to 9.6mb/d in February but down 4% y/y amid ongoing weak demand from Shandong teapot refiners.
• Imports were previously disrupted by the Shandong Port Group’s shipping ban and OFAC sanctions to over 150 tankers involved in Russian and Iranian trades.
• Imports from Iran were the highest since October at nearly 1.5mb/d in February, supported by STS transfers onto non-sanctioned tankers, but are expected to decline in March amid subdued teapot demand.
• Some state-owned companies have completely halted Russian crude purchases in March after scaling back in February.

Source: Vortexa