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
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
