Russia's Record Oil Exports to China Continue Amid Global Volatility
Rosneft's CEO Igor Sechin announced that Russia shipped 490 million barrels of crude oil to China during the first seven months of 2026, a significant increase from previous years. This represents a record 23% share of total Chinese crude imports and marks four consecutive years as Russia's largest crude oil exporter to China.
According to Russian Deputy Prime Minister Alexander Novak, Russian oil exports to China surged by 25% over the first seven months of the year. He attributed this growth to disruptions in Middle Eastern supply volumes due to escalating military and political tensions, which have led to a shift towards friendly nations.
However, despite these positive developments, Rosneft's net profit declined in the first half of the current fiscal year. The company reported that regional conflict involving Iran, eased U.S. sanctions enforcement on Russian crude, and record-breaking subsidies drawn from the federal budget failed to bolster Rosneft's overall financial balance sheet.