Chinese refiners have significantly increased their purchases of Russia’s Urals crude oil, taking advantage of discounted cargoes. This comes as India has reduced its imports due to US trade tariffs, according to data from Kpler.
Analysts say Chinese refiners are well-positioned to continue buying Russian oil because Urals crude remains competitive compared to Middle Eastern grades. Jianan Sun of Energy Aspects noted that Chinese refineries are “in a comfortable position to keep taking Russian oil for now, in contrast to Indian refiners.”
Mukesh Sahdev of Rystad Energy added that US pressure affects China less than India. Meanwhile, Muyu Xu of Kpler suggested that if Urals prices stay attractive, more cargoes scheduled for November could be redirected to China.
Tracking data shows that at least two tankers, each carrying 1 million barrels, are currently waiting off China’s coast, with additional shipments expected in the coming weeks.
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