Chinese oil refineries have increased purchases of Russian Urals crude after India reduced imports of raw materials amid increased US tariffs, Bloomberg reports.
According to Kpler (a French company specializing in collecting data on commodity markets), Urals supplies to China reached about 75,000 barrels per day in August, which is almost double the average level since the beginning of the year – 40,000 barrels. At the same time, exports to India fell to 400,000 barrels per day compared to an average of 1.18 million.
US President Donald Trump announced in early August the introduction of an additional 25 percent tariff on Indian goods supplied to the United States in response to New Delhi’s purchases of Russian oil, as a result of which the overall rate increased to 50%. The White House said that India, by buying raw materials, is financing Russia’s war against Ukraine.
The US has not taken similar measures against China, with which trade talks are ongoing.
According to Kpler and Energy Aspects, Chinese refineries have purchased between 10 and 15 batches of Urals crude for October and November delivery, which is more than usual. Bloomberg reported in early August that Chinese buyers were offered October futures at a discount of $1.5 per barrel compared to Brent ($66.2 on the ICE exchange on the morning of August 19).
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