Chinese Refiners Snap Up Oil From Europe as Russia Curbs Bite

Chinese refiners boosted purchases of crude oil from the North Sea and the Mediterranean, as Asian processors widen their search for replacement barrels following the recent US sanctions targeting Russian oil.

Chinese buyers took about 3 million barrels of Caspian CPC Blend, typically sold in the Mediterranean, after skipping the grade for five months, according to traders involved in the market. Traders are also in talks to move as many as three supertankers that would load a combined 6 million barrels of North Sea Forties late this month and in early March for Asia.