Refiners are hesitant to buy crude loaded at Russian ports
Asian refiners’ mixed response to Ukraine conflict
Chinese refiners are yet to buy more Russian crude, while other nations in Asia may help fill Europe’s shortfall in diesel supply, according to energy intelligence firm Vortexa
There is further potential upside for crude prices, says David Wench, chief economist at energy intelligence firm Vortexa, citing a global pattern of low stocks, stagnant supply and solid demand. But the risk of recession—and with it, weaker demand—remains. Seaborne crude liftings have slowed to around 47mn bl/d, down from 50mn bl/d pre-Covid, according to Wench. And it is hard to see new barrels entering the market in the next few months, he says, adding that the UAE and Saudi Arabia could raise output in the short term but that scenario is unlikely. In the medium term, the USA, Iran and possibly Canada could also increase supply. Vortexa currently sees more than 1mn bl of Russian-loading c
Also in this section
9 January 2026
The Latin American producer’s crude prospects rely on a multi-pronged approach where even the relatively easy wins will take considerable time, effort and cost
9 January 2026
While many forecasters are reasserting the importance of oil and gas, petrostates should be under no illusion things are changing, and faster than they might think
8 January 2026
Indonesia and Malaysia are at the dawn of breathtaking digital capabilities. Their energy infrastructure must keep up with their ambitions
8 January 2026
The next five years will be critical for the North Sea, and it will be policy not geology that will decide the basin’s future
