Discounted Russian crudes entice China independents, no rush on SPR purchases

Hefty discounts on Russian crude are increasingly whetting the appetite of China’s independent refineries, but Beijing may not rush into shipping in plentiful cargoes from the non-OPEC supplier at current prices for strategic petroleum reserves, analysts said. China’s SPR stock stood at 325.71 million barrels as of May to account for 67% of the state crude reserve storage capacity that…