China Steals the Show from India as it Boosts Russian Crude Imports

China has resumed buying more Russian crude oil, displacing India's refiners who have struggled to find enough crude to replace barrels now heading to China. According to commodity analysts Kpler, China imported 1.25 million barrels per day (bpd) of seaborne Russian crude in August, a slight decrease from July's 1.423 million bpd but still the strongest month since April.

India's imports of Russian crude fell nearly 30% to 1.82 million bpd in August, squeezing refiners' crude supply and likely reducing India's diesel and gasoline exports from September onwards.

The tight refined fuel markets across Asia could worsen as a result of the shortage, with India being a major exporter of diesel and gasoline. In July, India's imports from Russia's European ports were 93.4% of its total, but for August, this percentage increased to 97.4% as China took more of Russia's Asian crude.