OREANDA-NEWS Chinese refineries have significantly increased purchases of Russian oil after Indian companies began to abandon the raw materials. This is reported by Bloomberg with reference to data from ship tracking resources.

In the first 18 days of February, oil supplies from Russia to Chinese ports increased to 2.09 million barrels per day. In January and December, the figures were significantly lower — 1.72 million and 1.39 million. Thus, since December, the volume of purchases has increased by about 700 thousand barrels per day.

Meanwhile, sales to India decreased from 1.78 million barrels in November to 1.1-1.2 million in January and February, that is, the decrease is comparable to the growth shown by China.

Logistics remains the main problem for Russian suppliers. Traditionally, Chinese refineries bought oil delivered from the ports of the Far East, but now they receive shipments shipped in the ports of the Baltic and Black Seas, as well as from the Arctic. A longer journey leads to additional costs for tanker freight, and in addition, new partners demand significant discounts, taking advantage of the lack of alternative buyers.

India has significantly reduced purchases of Russian oil amid the conclusion of a trade agreement with the United States, after which Washington reduced trade duties. The head of the White House, Donald Trump, believes that a decrease in Moscow's revenues from oil imports will contribute to the cessation of hostilities in Ukraine.

Russia has already lost its status as the main supplier of oil to India, ceding it to Saudi Arabia, while in March, experts expect sales to fall by another one and a half times, to 800,000 barrels. At the same time, they are not sure that China will be able to digest the additional volumes, as Chinese state-owned companies avoid purchasing sanctioned oil