China's Surge in Russian Oil Imports Threatens India's Refiners

China's resumption of buying Russian crude oil has stymied India's refiners, as they struggle to find enough supply to replace barrels that are now heading to China. According to commodity analysts Kpler, China's imports of seaborne Russian crude in August were estimated at 1.25 million barrels per day (bpd), down slightly from 1.423 million bpd in July.

This has led to a decrease in India's total imports of Russian crude, which are now estimated at 1.87 million bpd in August, down from 2.79 million bpd in July and 2.73 million bpd in June.

The volume of imports from Russia's European ports is also declining for India, with estimates suggesting a drop of almost 30% or around 770,000 bpd in August. This could have significant implications for Asia's already tight markets for refined products, particularly given India's role as a major exporter of diesel and gasoline.