Although China is the largest importer of Russian oil, it typically receives supplies from the Far East. However, in August, deliveries of Urals loaded at Baltic and Black Sea ports amounted to almost 75,000 barrels per day, the report said.
This is nearly double the year-to-date average of about 40,000 barrels, according to Kpler data.
By contrast, exports to India this month fell to no more than 400,000 barrels per day, compared with an average of 1.18 million.
“Overall, Chinese refiners are in a comfortable position to keep buying Russian oil — unlike Indian refiners,” said Jianan Sun, an analyst at Energy Aspects.
“Urals, shipped from western Russia, remains competitive versus alternative Middle Eastern grades.”
According to Kpler and Energy Aspects, Chinese refineries — the largest in Asia’s biggest economy — likely bought 10 to 15 Urals cargoes for October and November delivery, more than their usual intake.
“I wouldn’t be surprised if the Chinese pick up more November-delivery loads in the coming days if Urals prices stay attractive,” said Muyu Xu, senior crude analyst at Kpler.
The global oil market is focused on shifting flows as U.S. President Donald Trump steps up diplomacy aimed at ending the war in Ukraine, Bloomberg wrote.
As part of these efforts, Washington doubled tariffs on all imports from India to punish the country for buying Russian crude, though it has not taken similar measures against China amid a trade truce with Beijing.
As reported earlier, India’s state-run refiners are backing away from Russian purchases as the U.S. increases pressure on New Delhi with a wave of stiff tariffs.
On Aug. 6, President Trump signed an order imposing an additional 25% duty on imports from India in response to continued purchases of Russian oil.
The order stipulates that the new duties will take effect for goods entering the U.S. market at 12:01 a.m. 21 days after its publication.