Foreign news on April 25, traders said that China increased Urals crude oil shipments in April, and the import volume of this grade of crude oil from Russia's Baltic and Black Sea ports may hit an 11-month high, which supported its price .
So far in April, China has bought 265,000 bpd of Urals crude, which is shipped from Primorsk, Ust-Luga and Novorossiysk, compared with 195,000 bpd in March, the data showed.
China's total monthly Urals crude purchases are expected to exceed that figure as more shipments could be seen towards the end of the month. The figures also do not include Urals crude that is shipped to China via ship-to-ship (STS) facilities.
Urals crude oil loaded in April should be unloaded at Chinese ports in May and early June.
Sea imports of Urals are higher than imports of Russian ESPO blends and Arcitc grades via pipeline and sea. China imported a record amount of oil from Russia in March, driven by aggressive purchases by state oil companies and independent refiners.
Chinese refiners have increased imports of Russian oil as trade confidence between the two countries has grown and new private companies have joined the Russian oil market, lured by low prices.
India remained the main destination for Urals crude oil cargoes in April, accounting for more than 70% of the volume loaded, the data showed.
However, some traders believe that India's purchases peaked last month and purchases may be slightly lower, creating an opportunity for Chinese buyers to buy more Russian crude.
Meanwhile, the price of Urals crude for delivery to Chinese and Indian ports rose in April and jumped above a "price ceiling" imposed by Western nations amid competition for supplies from Russia.
Rosneft and Indian Oil Corp have signed a long-term agreement, cementing ties between the two major oil companies.
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