China has stepped up purchases of Russian Urals crude after reduced Indian demand due to US pressure, Reuters reports.
Source: Pryamyi
In August, shipments of Urals from the Baltic and Black Seas to China almost doubled — to 75,000 barrels per day compared to the usual 40,000. Meanwhile, India’s imports sharply dropped from 1.18 million to 400,000 barrels per day.
Analysts note that Chinese refineries gained a price advantage over Indian ones, as Urals is cheaper than Middle Eastern oil.
The US is pressuring New Delhi by raising import tariffs as part of sanctions against russia. However, similar measures have not been applied to China due to a trade truce between Washington and Beijing.
President Donald Trump explained that he does not plan to impose restrictions on China because of negotiations with putin on ending the war. At the same time, the White House criticizes India for its “opportunistic” policy.
According to traders, Chinese companies have already contracted 10–15 Urals cargoes for October and November, and this volume may grow further if prices remain at the current level.
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