Chinese refiners have secured 15 cargoes of Russian crude for October and November delivery, filling a gap left by reduced Indian demand following new U.S. trade measures, Reuters reported.
India has been the top buyer of Russian seaborne oil, taking advantage of discounted prices after some Western countries imposed restrictions on Russian exports following Moscow’s 2022 invasion of Ukraine.
However, earlier this month, Indian state refiners paused purchases of Russian oil after U.S. President Donald Trump threatened secondary tariffs on goods from countries that continue importing Russian crude, aiming to pressure Moscow to end the war in Ukraine.
Muyu Xu, senior crude oil analyst at Kpler, which tracks commodities and shipping data, reported on August 14 that China is buying roughly 1.2 million barrels of Russian oil per day. He noted, however, that this cannot fully make up for India’s shortfall, as India typically imports about 1.7 million barrels per day.
Xu added that China’s purchases reflect an “opportunistic” approach, with Russian oil priced at least $3 per barrel below Middle Eastern crude.
In 2023, China imported $62.6 billion worth of Russian oil, compared with $53 billion for India, according to UN data. Prior to the recent reductions, Russian crude accounted for 36% of India’s total imports.
Trump said he is not immediately considering tariffs on China over Russian oil purchases but may revisit the issue “in two or three weeks.”
