Exclusive Report: China bitumen feedstock outlook in a tightening market for sour crude
Access the exclusive new report “China bitumen feedstock outlook in a tightening market for sour crude” which takes an in-depth look at the voluntary cuts of 8 OPEC+ nations and how these are adding to concerns over already tight supplies of sour crude oil. Compiled using our proprietary data and insights from Vortexa analysts, this report offers an exclusive view into the dynamics of the crude market and the expected impact of China coming out of lockdown, as well as seasonal demand changes.
31 May, 2023
Key report takeaways:
- OPEC+ voluntary production cut to tighten global sour crude supplies and narrow sweet-sour crude price spread
- India jostles with China for Russian crude, squeezing supplies to Chinese teapot refiners
- China’s oil majors have secured more heavy-sour crude to boost refining runs after the country’s re-opening
- Shandong teapot refiners have turned to cheaper, alternative (non-crude) feedstock such as Russian residual fuel oil to improve margins
- Some Iranian heavy crude barrels were imported as diluted bitumen, but recent customs inspections on non-crude imports are stalling such practices, casting uncertainties for private bitumen producers
Download report
