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China increases Russian crude imports as Iranian supply shrinks

In August, China’s seaborne Russian imports are estimated at 1.25 million barrels per day, while India’s Russian intake is forecast to drop sharply to 1.87 million bpd from July’s record 2.79 million bpd.

Reported · Written up by our desk · Energy

China is buying more Russian crude as Iranian oil imports remain heavily constrained, shifting the barrels that previously supplied other markets, particularly India, OilPrice reports. The outlet cites Kpler data from Reuters to show that China’s seaborne imports of Russian crude are estimated at 1.25 million barrels per day in August.

That figure is down from 1.423 million bpd in July, but July and August remain China’s strongest months for Russian seaborne crude since April, OilPrice writes. The shift is also linked to weaker Chinese Iranian oil imports, with China expected to receive 340,000 bpd from Iran in August, about one-third of what it imported in March.

As Chinese buyers adjust, Russian crude shipments loaded from European ports are expected to make up 31% of China’s seaborne Russian imports in August, up from 22% in June. OilPrice notes that this matters for India because India traditionally takes much of its Russian crude from western ports.

The change comes amid estimates that India’s Russian crude imports fall to 1.87 million bpd in August, down from record 2.79 million bpd in July and 2.73 million bpd in June, OilPrice says. Imports from Russia’s European ports are expected to drop by about 770,000 bpd, nearly 30%, and India’s total crude imports are estimated at 4.17 million bpd in August, the lowest since the article’s referenced period.

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