Chinese refiners increase Russian oil ship-ins
(MENAFN) Chinese refineries have stepped up purchases of Russian crude following a temporary reduction in Indian imports due to US tariff pressure, CNN reported Wednesday, citing industry analysts.
China and India became major buyers of Russian oil after Western sanctions targeted Moscow following the 2022 Ukraine conflict escalation. Recently, US President Donald Trump imposed an additional 25% tariff on Indian imports, effective August 27, citing New Delhi’s continued trade in Russian oil. This followed a previous 25% duty after India and the US failed to finalize a trade deal. The tariffs reportedly led India’s state refiners to temporarily halt Russian crude imports, which previously accounted for 36% of the country’s oil supply.
Muyu Xu, senior crude analyst at Kpler, said China’s state-owned and large private refiners have booked about 13 Russian crude cargoes for October and at least two for November, shipping from Arctic and Black Sea ports typically serving India. Xu described the move as “opportunistic,” noting Russian crude is roughly $3 per barrel cheaper than Middle Eastern alternatives, and expects China to continue increasing imports while Trump continues pressuring India.
Although Trump has suggested potential tariffs on Chinese purchases of Russian oil, he recently indicated no immediate action. Indian refiners have not commented publicly, though Bloomberg and Reuters reported India has resumed Russian oil imports after the brief pause, with Indian Oil and Bharat Petroleum securing shipments for September and October. India has condemned the US tariffs as “unfair, unjustified, and unreasonable,” emphasizing energy security over politics.
During an intergovernmental meeting Wednesday, Russian Deputy Prime Minister Denis Manturov confirmed that Russia continues to supply crude and petroleum products to India. Indian Foreign Minister S. Jaishankar, co-chairing the talks, praised bilateral ties, encouraged Russian firms to expand cooperation with Indian businesses, and affirmed a shared goal of reaching $100 billion in bilateral trade by 2030.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
