Bloomberg: China has managed to compensate Russia for the loss of part of the Indian oil market.
Chinese refineries have significantly increased their purchases of Russian oil after Indian companies began to refuse the crude. This is reported by Bloomberg, citing data from vessel tracking resources.
In the first 18 days of February, oil shipments to Chinese ports from Russia rose to 2.09 million barrels per day. In January and December, the figures were significantly lower — 1.72 million and 1.39 million, respectively. Thus, since December, the volume of purchases has increased by approximately 700,000 barrels per day.
Meanwhile, sales to India have decreased from 1.78 million barrels in November to 1.1–1.2 million in January and February, meaning the reduction is comparable to the growth demonstrated by China.
The main problem for Russian suppliers remains logistics. Traditionally, Chinese refineries purchased oil delivered from ports in the Far East, but now shipments are coming from ports in the Baltic and Black Seas, as well as from the Arctic. The longer route leads to additional costs for tanker freight, and moreover, new partners demand significant discounts, taking advantage of the lack of alternative buyers.
India has noticeably reduced its purchases of Russian oil against the backdrop of a trade agreement with the United States, after which Washington lowered trade tariffs. President Donald Trump believes that the reduction in Moscow's oil import revenues will contribute to the cessation of hostilities in Ukraine.
