Page 140 - RusRPTMar23

Russian oil import by Spain plummeted by 73% in annual terms in 2022,
EFE news agency reported in February, citing CORES - the corporation of strategic petroleum reserves. According to CORES, Russian oil imports lost 73% in 2022, while total oil purchases by Spain gained 13.2% at the same time. Spain imported 63.59mn metric tonnes of crude oil in 2022. Nigeria was the top supplies of raw hydrocarbons to the Kingdom in 2022 (12.8% of imports), followed by the US (10.4%) and Mexico (9.6%). Spain halted Russian oil imports since August 2022, according to CORES, and the share of Russian hydrocarbon feedstock fell from 4.6% in total Spanish oil imports in 2021 to 1.1% in 2022.
Chinese state-owned oil giants, which have so far refrained from dealing with Russian oil, have now given the go-ahead to buy Urals, Energy Aspects, a reputable international oil consultancy, reports on February 9. The prices at which Russian oil goes to Chinese state-owned companies are unknown. But it was high discounts for Asian buyers that allowed Russian companies not to collapse exports and production after the entry into force of the EU oil embargo. Much of China's growth in imports from Russia came from "teapot refiners"—small, independent refineries. But now the situation has changed: the Chinese leadership is ready to allow large companies to buy more oil from ports in European Russia. Russian oil exports to China in 2023 could grow by 500,000 bpd to 2.2 million bpd, Bloomberg estimates. And if Beijing decides to increase its commercial or strategic oil reserves, this figure could rise to 2.5 million barrels. In early February, the Ministry of Finance reported that the average price of Urals in January was $49.48, which is 41%
140 RUSSIA Country Report March 2023 www.intellinews.com