China to Embrace Norway as Regular Crude Oil Supplier
China appears likely to add Norway into the list of its regular crude oil suppliers in 2020, with the country's independent refiners especially finding North Sea's new Johan Sverdrup crude attractive for its competitive price and familiar specification.
Norway became a top 10 crude supplier to China's independent refineries for the very first time in November as multiple end-users picked up various grades including Grane Blend, Heidrun and Balder, latest monthly survey by S&P Global Platts showed.
The North Sea crude producer could consistently feature in the monthly top 10 list in China next year as independent refiners provided positive feedback on Johan Sverdrup crude, while state-run refiners were keen to test the new grade.
In addition, the latest move by OPEC+ -- a coalition of OPEC and other oil producers -- toward deeper production cuts will likely leave more room for some Chinese refiners to diversify supply sources away from the Middle East with Norway expected to play a key role as a major alternative crude supplier next year.
China received its first delivery from the recently launched giant Johan Sverdrup oil field earlier this month via one of state-run Sinopec's refineries.
source: Financial Tribune
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