Rosneft Sets New Record for Oil Exports to Beijing Amid Financial Struggles

Russian oil exports to China have reached record levels, with Rosneft CEO Igor Sechin announcing that 67 million metric tons of crude oil were shipped to Beijing from January through July 2026.

This represents a significant increase in Russian oil deliveries to China, driving Russia's share of total Chinese crude imports to 23% and solidifying its position as the largest crude oil exporter to the PRC for four consecutive years.

Russian Deputy Prime Minister Alexander Novak reported that Russian oil exports to China surged by 25% over the first seven months of the year, with 94% of Russian crude exports now being routed to friendly nations.

However, Rosneft's financial performance was not as strong, with a falling net profit in the first half of the current fiscal year. The company cited regional conflict involving Iran, eased U.S. sanctions enforcement on Russian crude, and record-breaking subsidies drawn from the federal budget as factors contributing to its financial struggles.