China increases purchases of Russian oil at a discount after India’s refusal – Bloomberg
19 August 18:17
Chinese oil refiners have seized a new opportunity to purchase additional volumes of Russian oil at a discount after India significantly reduced imports. According to Bloomberg, the increase in purchases occurred against the backdrop of tighter trade restrictions by the United States against New Delhi, "Komersant Ukrainian" reports.
According to analysts at Kpler, in August, the supply of Urals crude oil to China from the ports of the Baltic and Black Seas almost doubled to about 75 thousand barrels per day. For comparison, the average volume since the beginning of the year has been about 40 thousand barrels per day.
At the same time, Russian oil exports to India fell sharply: from an average of 1.18 million barrels per day to no more than 400 thousand barrels per day in August. As a result, some of the cargo that used to be shipped to Indian ports is now being reoriented to China.
China remains the largest buyer of Russian energy, traditionally receiving oil through the Far Eastern routes. But now it is actively expanding its purchases through other logistics routes to get additional volumes at a discount.
The political factor also plays a key role. US President Donald Trump has announced a doubling of duties on all imports from India to punish the country for its cooperation with Moscow in the energy sector. However, Washington has not yet imposed similar measures against China, explaining this by the “trade truce” with Beijing, which continues amid diplomatic efforts to end the war in Ukraine.
Experts note that Asian countries – primarily China and India – remain the main consumers of Russian oil after Europe cut imports in response to the Kremlin’s aggression against Ukraine.
Earlier, White House trade adviser Peter Navarro said that India’s increased purchases after the start of a full-scale war was an opportunistic move that undermines international efforts to isolate Russia and weaken its war economy.
