China’s oil imports from Russia are projected to reach a record level, exceeding 2 million barrels per day in February, as India reduces its spot purchases, making supplies more heavily discounted for Chinese independent refiners.
According to Reuters, citing data from Vortexa and Kpler, China is expected to import between 2.07 and 2.08 million barrels per day of crude oil from Russia this month, marking a record level.
The figure represents a new record high and surpasses the estimated 1.7 million bpd of Russian oil imported by China in January.
The development comes as India reduces its intake of Russian crude. Since November, China has overtaken India as Moscow’s leading customer for seaborne shipments.
India’s imports fell to a two‑year low in December, pressured by Western sanctions linked to the war in Ukraine and by its efforts to advance a trade agreement with the United States.
India’s imports of Russian crude are projected to decline further to 1.159 million bpd in February, according to Kpler data. Traders told Reuters that the flagship Russian grade, Urals—which had previously been supplied to India—is now priced $9–$11 per barrel below the ICE Brent benchmark for January and February deliveries to China.
Discounts widened further at the start of this month following the trade agreement between the U.S. and India, under which reduced U.S. tariffs on Indian goods are contingent upon India cutting its purchases of Russian oil. As India seeks to align with the U.S. administration by reducing spot purchases and as state-owned refiners pause processing Russian barrels, Chinese refiners have moved in to take advantage of the discounted crude.
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