Chinese oil refineries ramp up Russian oil imports
(MENAFN) Chinese refiners have sharply increased their intake of Russian crude after India temporarily reduced imports in response to new US trade measures, according to analysts.
Both China and India emerged as Moscow’s largest energy buyers after Western sanctions were imposed following the escalation of the Ukraine conflict in 2022. But Washington’s latest tariffs have shifted the balance. President Donald Trump introduced a 25% duty on Indian oil imports effective August 27, citing New Delhi’s continued energy ties with Russia. This was on top of an earlier 25% levy imposed after trade talks between the two countries broke down. The new restrictions reportedly pushed Indian state refiners to suspend purchases, despite Russian crude previously accounting for more than a third of the country’s supply.
Industry observers say Chinese refiners quickly moved to fill the gap. State-owned firms and major private players in China purchased about 13 shipments of Russian oil for October delivery and at least two more for November, sourced from Russia’s Arctic and Black Sea terminals—routes that usually serve India.
Analyst Muyu Xu described the development as “opportunistic,” pointing to Russian oil’s $3-per-barrel discount compared with Middle Eastern alternatives. Xu predicted that China is likely to continue buying more, noting that Trump is “still pressing hard” on India. Although Trump has threatened tariffs on Beijing over its Russian energy purchases, he recently told a media organization he was not planning to move ahead with such measures for now.
Indian refiners have yet to officially comment, though reports suggest that purchases have already resumed after a short pause. This week, Indian Oil and Bharat Petroleum reportedly secured new shipments for September and October. New Delhi has denounced the tariffs as “unfair, unjustified, and unreasonable,” stressing that its energy security remains the top priority.
Meanwhile, Russian Deputy Prime Minister Denis Manturov confirmed on Wednesday that Moscow continues to supply both crude oil and petroleum products to India.
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