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China Increases Brazil Oil Buying
Chinese independent refiners have moved to buy millions of barrels of Brazilian crude, as lower shipping costs have made imports more economical and the companies seek to use their annual quotas before year-end. Totsa sold about 1.9 million barrels of Sururu and Sepia crude to Jinnuo Chemical for delivery in late December, at a premium of nearly $20 a barrel over Brent. It also sold 900,000 barrels of Sururu to Hualong at a premium of about $16 a barrel. Rising prices for Russian ESPO crude have prompted independent refiners to look for alternatives from farther afield.
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